(navigation image)
Home American Libraries | Canadian Libraries | Universal Library | Community Texts | Project Gutenberg | Children's Library | Biodiversity Heritage Library | Additional Collections
Search: Advanced Search
Anonymous User (login or join us)
Upload
See other formats

Full text of "Comparison of differing provisions of technical corrections (H.R. 3838)"

H 
H 
H 
H 

I— I 

o 

H 

o 

1-9 



CO 

co r! 









ch a £ 

SIS 

wo w 



o 



OS 



00 



CO 







PU 

H 
H 
H 
H 



O 
U 

H 



QQ 

as r 1 



Oh 
P 

Oh 



Oh^U 
Oh O^ 

Cu hh £ 

SIS 

SS| 

«H M M 

O 



to 

OS 



QO 

u 






oS oScn SeS cac<ioaoa!C^(>](M(M co co co co co co co co 



CO CO CO CO CO CO CO 



^ W E- 
J m » 

55 JO 

a p g 
wpq o 

6j§ 

ft< < s 



y co 



£ : .2 
&<£ o 

■fl CO >* 

3*2 8 
b » 8 I = 

G j <: £l > « ft §-£ 
tS 03 Jm 



sh H So 

^ 5 o 



P53z 

Z 3 2 H 
o £ ?j f 1 - • 

U !£ ■< O^-HCNl co-^ 



53 g 
* 2 

o, ft 

u2 « g 
fe.2 c 

s 1 

■•£££££ 2 
t> 53 sra S 



CO M : 



_ <; o> cu 3 



< pq Up 



:i ' 2 & 
& < 2 a 

2 H v 
< < O H 

1863 

zo?2 

hOh«1 



CU 03 

tO (H 

CU*" 

° s 



CO 

« <j pq o P I W 



III 

H'-HM 



"3 S 



B " 

£ £§ 

e aft 

m CO 



S U,t8 S 2 

g h b g 
Ph.2 *§ J 

W 03 03 3 t, 

< cu a>^ w 



.3 



O 

O 4) « 



pa 

a o 



- £ o3 S 
to 8 cos 

"S g< to o 

<u fe o-> H w 
*-■ .2 ^ 5 o 



a 



3 01 o 

.3 » 3 

ego 



-t^ CO T? jj 

■H » « H h 

CO *-< -t^ C! CD 

§ ojco" h -S 

h ft >»fl 

s c , S- a " < 
o o "3 _ 

tJO M to'cO cl 
g.C.C ft g 
'■"'■"'■" to x 

- S 9 

ft a a S x 

o o 0-p a- 

^-iodco ^ 



?! ™ OS 






«J3 



co o 



~h.g 3 3 : 3 g 
<" ob'TJ S : ^3 -S 
S P 03,03 >h o3 3 

h h h >H-2 ^ if! 
0) 4) O O H O OJ 

J3 J-w-w i-3 
M M cl 3.2 3 * 

co ca a) a) +J cu os 
HHPhPh CuH 



a, E-c 

ra D X . 

P H 



CO 

H 

W 
H 

O 



CO^P^^iraiOlOCDCXJOiCJSCrjCJS 



-^ 3 

s s 

CO .rt 

^5 ft 



«o 5 

"- " J o 

a) cO 



CO 



< 2 1 

r . OS cu 
to . . 

< r-ICM 

pa 



to a-g 

h 2 3 



cu 3 >4j <JJ g 

73 C3 'O ® Si 

Cd 3 " CO -3 

5 +3 m ~ '• ' 

to e -u 3 O C 

53 .§ * 03 fe 5 



T3 

. 3 • 
co CO to 

S cu 

P CO •£, 

Son S 

Zfi.H 



j2 ft x C 3 

^g^wg 



3,2 ; s fe d 

H ^h^ H g - O 



u« 



ffM^iaiiii 



CO O- 



toS 
cl 
X 3 



ss^ 



■3 S^ S-g 3 3^3 
« S Ofc 2-3 £ ° co 



o?° 5 2 8 g^^i 
h s a &sp ^^-t! 



IS lilies 



ft >> 



.x • • • ac fi • 

t- <i-ICNICO O Wi-H 

H ccP 



<p 



H to 00 

7 fli 

ft CO S w r; 

§ 2-S-3 § 
w cp co-au m 

«3&" H 

ll a 1 2 s 

g tn a> 3 h <j 
Z cu 3 03 p ft, 

S 3»V 2 | 

^ * 3 8 g r 1 
M^^ to HO 

J§§8'eld 

2°^ ^ U K 

S co -$£ 2 -j I 

3 gj > ft-3 < I 

Ssggoss 
a, . . ag 

X^-ICM o c* 
W Ph&h 



O 4) 



PQ 



OP 



w 



fcO 



e8- 






3 

•Be 

.2 5 

o to 

CD >> 
^ to 

'o CU 



3 * 

CU *i 
O CO 

3 O 



8.-S 

CJ5.2 co 
C3 ri C 



Z CO 
O *-" ^ 
a cp c- 







( CM CO ■"* IO «C 



3 O S Br 

sagsss 



co cocot-c-t-oo oooooqjcnooHHcq 



lO CO CD 



a »K mS rd 

= > g § S. 8 
« pl, §-g " ° 

S e 6 



I "8 -a 



§ a § 
£ & S 

O •< CO 

"2 h"o3 

5 ps o 

_§ »e2 
:"e 2 

2-~ o-s 






^.S3'5 3 

►J o 3 -^ « 

U 1-5 oi co -* 



ftsjS cJ; 
to p ft 2° 

co '55 u >> z 
P PL, pa 



&§■ 





•43 ° £ CO 

co co z be 

-|d> D Hj 

2? co <<-3 



CO 



4) X < CO 
. . 0. . 

O 



g 3 

.2 bO« 
CO CO Z 



S &.-B 



O 



co-3 

5 CO 
CO QJ 

6*3 co £ 

a >- n 

O CO o>— < 

<u b te a 

«' J " CO 2 

C o^ co 
•2 (3 §3 
C3 .2 hn C < 

(-43 ?P ofl 
o.'oL'c.S g 

X co;3 co Z 



O -n 

°^ s 

bpco.2 

^3 - S co 
si 5- Dc 

-3,2.2 
-Q 5 fi 



^-TS CO 
CO COS 

& &T3 



Ec'+3 

C ,2 fi 

iS »<-S 
-3 co co 

£pO 



+j . c ^ 

Fd Q CO CO 
ftH CO £ 

C3 3-S 

3 S" to co 
« O CO 3 

w . . 

£.1-104 
W 



>>5 



Z 

„ o 

on OU 
O ft 

u s Z 
3^3 

Sgg 

«.2o 

O O.PS 

"is £ ° 
a a> * 

CO X co 
> <u Z 

8 CO P 

OTJ O Z 
o co 2 



w 



11UJ w 

0< E2 

CO'* H E-i 
O 

d 



W CO 

<< CO 

Ci ® 

w c 

o . 



ra m 2 2 2- 

. « --J3 g 

O'fl , ft id 

H x CO CO 

CO to x ■** 
_r S 2 co +j 



.2 W 



S^ - 

(Did S 2 S & 

u +j ° "-C -9 ,c° 
od co-* to 



6 »» 

O CO >• 
Li.h Mo 
3 t «-"T3 Sd 

Z ah-" 



aw 

Pd 

s. 



P S 2 
e Qja-S 

O <!--i43 
S M.g-43 

1 gas 

NN is C h 

- Soj3 

2 aOH 
J a 

s ^ 



c<i 



SjOOOicTsoor-;;-; 

« KIMCOtI''*'*'* 

Pd 



S6 



<! 

P 
> 

3 _ ,, 

" C-3 -u 

S o « S 

»n co 43 
» u t2.2 

e a c^ 

Ph ^43 o 

X Z S 3 

< 2*5.2 

H H 43 

a g-p 3 

B 2 fe co 

P 3 

CD 3' 

WH 

fed 



*1 r^d 

2 is 
£ » 

CO CO 

Is 

C CO 

l-s-s 

Si 3 CO 

CO « s- 

r co a) 

O co 3 

•^ fc ^ g 

is < a Q 



\ CO Jd 

"3,3 



ftg-S-* ; c 5,c 
t|>>^.2 3-2 

u S^^2ft^i 
93334 i&J 



2 S 
6 13 
^>^3 : 



3 S 
2 S 

ee 

co> 
3^ 

3 

cr w 

CO u 



'ftS 
2W 

b o 



fidS 






pi 

PS 

O co 
g fa H 

E- <! E- 

Eh°S 
%<< 

fe fa pd 
PS o 
I 5^ 

0,3 Ph 6 

5 W FH 

S o;Qp-, 

HH 1-iWHH 



h aj fa 

o s 



3 co • 

Ur2 3 

a) co .g 
X, .S'3 

fl'l) fi 
•3 CJ'^ 
CO CO id 

ftS 5 

„ to to 1 * - 

S'? r 2 g 

hj c c o 

B-S-S-g. 

^^ lu 
0) 0) 0)_ 

nJ aj cj g 



2 s l 

3 43 o 



ft .3 

gift 

.2 d 



ft o 



; O O O-s 

iOUOQ 



3 

„ 3 c 
S b 2-2 

u «a^2 

ggg.2 



-3 S-^ 3 

.2 g>T) 

3 5 co 
& 2 > 

CO « g 

-2° 2 

CO CO _co 
fe ft 3 

Sis 

O (D ?> 

C§ CO 

2 8 « 

,2_3 o ii co 
l ST3 co «J a 



CO 



CO 



Sid -u 
- ^1 
: 3 O o 

: 8 |s 

S & o 

is O-rt 

S 17 HJ 

5Sb 



be 
.3 
oi'B 
CO CO 
43 t" 
-3 M 

,08 CO 

— Fd 
C3^3 

h co 

3 h 

U CO 

3C 
2-3 
d^ CO 
3 3 
-3 o* 

ft o 
t*1 
O 3 
3.2 

-9-8 

.2 



'ld 

O CO 

J£ fa 
-*j fa 

CO « 

CO 

t*d Ed 
O CO 

« O 
3 X 

■aw 

< 



"2 to 2 



® ? 



N t- F. « i 

§1-2 1 



3 
to m.2 

2 So 
*="3 3 

coffi-O 



i oi CO ■* LO CO t-^ 00050 



O ft Fd 

feg>,g2>>^-83 
2 2 A ft ■ ^"3 3 « , 
6<! > ^2<J?S-3 P { 

rA 0* . D 



rH <1 

05 



oico 



a, u 
P D 

. a 

dtf Ed 

p 



UFd co< 
43 co 

§ £§: 

<U 3 

Jidd. 

■ft° 
4 cO 3- 

Su 2 

EC . . 



UP 



gfOOOOOOOOO 

fc ,_, ^ ,_ ,_, ^ ,_, rH ,_, ,_, 



10 10 m w to «o to 



t~ t- t- t- c- o o 



2* 
3 



^3 42 cd 

fa fa — 

5?» 



fe ft- 



3 o 
ftj 



cd Z 
a; < 

-a £ 



•s a* If s 

» S o "S -* n 
c- ft-S g w 

O h co j, 5 

Wl 

COCTl O iH CM K 

i-H i-H i-H Oi 



.2 ° 

C^iS 
CO CO 

CI fl 
co ea 



fl fl 
CD CD CD 



C/J _■ "J 

3.2 Z 



P? S.2 



ft-2§ 
8^6 

3.28 

rH O ^1 



co a, 



CD 

1 1 

■+■" fa 
o Co 

S ft co 
Eg 



O O 

CI cj 

84<S 



■s.s 



z 
SP-2 Z 



fl .^"D 



cu co 3 

■g.a 6 

c3 CI co 

a, co c 
o fa 

W O 03 
_ u fa 
CO . — i o 

3 ca - jj 
-y 3 o 

S 2 "3 
7 BS 



a co 



B^ C 

■£ fa 

2o» 
,3 «■> ^ 

cu ca co 
-a (h 

CO 
TJ 01 „ 

fa.,2 23 w 
co 53 fa CD 

S^ "S.S"S 

■J.fe-S"S.S 

""3 ? fa. a 



CD 



3 
T3 C 



X 



a, z 

o 5 

fa m 

2 £ 



^oi a, 

PQ 



WO fa o Z 

5 -a x'^ 

CD pj i >h L, 
CO CD X g g 
CD ft 3 ft h « O >* rr, 

PB en H O £ PB fa fa m 

. . . . O 

i-H CXI CO ^f K 
fa 



S-ggftS 



fa 
.2-3 

-(J CD 

CS 3 

E£ 



S o 



f- -M CD C 

■S 3 c 

co i— i co 5J 

g CO to fa 

S cd 2-S 



o££ 



^ CDuS 
CD -»3 hH 

co p-a o 

^Blg h 
*-h-5 Z • 

a> Stfa u o 

. . . O !3 

•^mco w n 
P 



S 

s 
z 



OJ 



co c 2 



~3 

aim 
>cnPB 

S 

z 



c 

fa o 3 
CO Ct3 

C vi -a 

•f-i M-H rri 

Pf 

CD X fa 

x coju 
WHS 



fa. 2 5 



co ^ o 
r!B cd" 
■O h M cd 



„E5> 

CO *J hj 

3 S 6 fa 



co a cd 



CD "O' 

PB< 



Qft-js 

- a o u 

9 S 



s|||g 



oi co n< io cx> t- 1 odcyjoi 



ocoPB 
. ft . . 

I BSt-tcM 
I O 

O 



o 



X 



&g 



S 2 o 
« C _. 



Q 


< 


Z 
o 


z 
o 


-J 
ca 
O 


N 


fr- 
ee 

w 

BS 




z 
< 


H 


w 


« 


H 


X 


n 


zw 


H 






PB 



bp CD 



2 Z 

Eh Z O 

w o 

o a o 



o] h 5 o 

O CD ft" 

2 3^cn a 

D . . . « 

Ht-HCMCO « 

o 



a U Eh 

PB p Z 



g^3 oar> Eh 



w 

< O Eh' 

3 ft < 

W « H 

C/3 E-i 



PQ O 



QH fe 



Z [i, " °° 



§.a- 
£.2 



s " a 

H §)« 

Z'cD'S 

3 fc ? 

HH O i-4 

wfeO 
« . . 

O^HCM 



CD 







: >> 


CD : 

a : 








>> : 














• fa 


>» : 






: cd 








: > 


O : 






: fl 


C : 






I o 


<D 
> : 

CI : 






: to 








'•£ 


Ml : 






: cfl 


O : 
















Tl 


fa 


13 

CO 


CD 


: £0 




: <U 


T) : 

fa . 


X 


: CO 


CO 


CO 


!JB 
• u 

: J- 


CD 

u 
3 


CD 

t2 


Is 


o • 

3 


cl^ 


:«& 


3 


O CD 


•T3 > 


, 




. CD n. 




co ^a 


i > !r 


fi 


O 


* 


: *h r 


H O ' 



>^— , 



CD 



•CJB 



C o 

CO m_ 



.fH CD 



-fa-3 a 



in m 

^ S 
co O 

c a 

CD O 
X v 

CD Q 

fa 2:5 S 
H 6 o § 

3 OT3 < 

CO fa faW 

8§2|o 

- 2 a3 fe o 

.S-a-2 z 
«.S fa 1- * 



fa^M-, 



SS 



n M °J O 

=2 S3 w 8 
*h^ 3 s 

. . D 

co-^ O' 

OJ 

PO 



>.g S3-2-S « c z 
-C'^'3 fafe'-a o o 

aJcDCDQ.°fa : * 3EH 

ft8 8g|->^< 
■- 1 c ^ ^ >=; ^3 E-i 



i « fa 
> S.S 
| §>S § 

1.5 «g 

' aj CD ■ 



'3 X 
CO 



3 S 



3 ^Z 

ofay 

cO cO co 

ft a 



o 

lo 

co 3 
C CO 

a 2 

CD fa 
co fa 
co CO 

2 fa 

ft cO 
•Ph 

rj o 
o g 

-^ CD 
"H >> 

CDr^ 
ft ft 



5CQ 



sgcSa - ^ 



C O w f 
Q)-rt bp, 



co > ™ 



CO 5 " 

3 <" ° 
23 C 
'co >h O 

S *-.'■£ 
S 2 S 

co ,3 X • 



►a c c^ocx:^ Seh<; cphOEh 



cd -^ lO CD t- CO 



"2 » 

CO CD 

^ fa. 

«a 

CO 
„ CO CD 

CC CD CD 

3.HH 

.2 ° S 

4J XiH 

3 bB^Q 

ftps 

Sh U 3 
O 3 hj 

U 4) B 

10 fat4- 

fa ^n2rj^« 
;t«Softfa 

1 O S £ ^ O -3 

WPhE- 1 O 



CD 



co 3 



O CD ' 

3 



. x 

co 3 



■al 

> cu 
■-J3 ft <D 
o * " 

,a) a) B 
^ >,£ 

CD .3 ^ 
^ oi CO 
° CD 3 
h M-fa 

CD 3 



I CMCO "* LOC£> 



O 



fa K ' 

"co W— . 

CD >< $ 

> <J > 

fa fti3' 
•3 X^ 

CD z 3 

>h a *h 
o 2pq 

fa w 
. tf. 

CO o 

fa 
fa 



3 fl 

XI o 



co C 

S3 .2 



v-i* ft 



!fl^ 

'si's 

;aiS| 

\^>S § 
i.S.S " 

ig.i 

CD CD 



03 



PBEh [ 



5 CJD b 
> 3 -" 

S rfl M 

S3 ? =>« 

2 £.-£ ft 
-fa^PB 

lOCX> c-^ 



-tf "* -*lO 



IN(NM(M(N<M 



Trt OB 

.sa a 

a. cd ca 

£ c s 

w n 
Z ?0 

Q °W 

P «, 0? 



«9j c 


e 

ca 


9 M e 


X 








09 


o 


ai 




w 




> 




X 



ft a, 

'3 x 



3 g H 

8 "3 w 
5 »« 



« 3 

w 
OO ^ 

3 m 0) J) ffl h 

h g x a O O 

X H . . . H 

W cdt-icnico^J 



co r ^ 

s * 

p 



* s 

oPQ 

: j & 

Ok? 



W CD 



« 5 



3^ 

"3 -M CO 

S 3-h it 



bo 






Ph 3'S?S'a3 

83 o o cd s 
7 x . . . 

H <J,-icMco 



.2 bo CD £ 

' H « " O « 

o ^i-2 5 

U 0) 'T3 B 

Z>£ £W 

"Pu (J - 



| S g 

cr.s o 
j-h-b e 
— c.2 



ai co m 



c3 • 

2-S ^ 
s s-^-a "5 

2'ca-o >>"° 
■e bo <u y a) 

-213.0.2 +3 

*< ."S IS *> ° 

■g ft-giG t2 

• 3 Cfl S^« 



. < . 

CM WrHCMCO-tfLOCOt-OO 



p 

w a 
it < 

z u 

o « 

CO O 

z fe 

2 CD 

i 8 

O Z 

35 



K 



Z X 
H <! 
OH 



o a 



§5 

ft< 
S z 

ll§ I 

T3 co C.2^ 

a t, 2- j3 ' z; 

CU CD O "S 

2^p^5 



bo-° w 



tutc g 



2^SS 



£c¥S5 






a; x o> co 2 
8-8 £ § < 

> H ft t* 0) H 



2t3 ca o 
§ =« * & 



H ffl 



« 



co O 

2§ 

W 0. 

x S 



20 



CD H 



a M 



CD CD 

„ 3T3 



SP§ » ca S 
S>cpa TjiJ 



CD o 

2 o 



W .3 "+3 -J 2 ° - 
-j o o m <5 



W 



CO Tt lO C£> O 

> 






OQ 



W feO 



41 r-l i-l CO cocococococo 
SfCMCMOJ CMCMCMCMCMCM 



CO CO CO -^ Tf lO LO t-tOlOCC>5D t- 00 
lO lO UO lOLOlOW lO CD CD CX> CO CD CD 



c 2 



CD 



+a CD *-• 

a u ca 
gft- 

4) X _ 

x ca <d 
WHK 



III 



CO c 
CD 3 

h bo X CD 
"^ £ CD CD 

So g. 2 -a 



CO-^IOCD t-C0 050i 



ecu 
.20 

c£CC 

e h 
Cu 



< bo 

»E3 S 



> a 



fc Co : -S 

X.B4S 

< -u x 

Fh <u ca 

*- Lh (J 

o caxi 



CO ft 

«6 



5?S 



a-" 
o-a 

'■^ S 
ca cs 



ft CD 

is 






w > 



.5 ca 



a _ 



gjs-^ 



+j -^ 

2 « 

C3 g 

ca 

8 J 

>> a 
-■3 ja 

a -e 

c S 
ca o 



2*% 



CD 3 

t3Gt„cd 
ftos3 

6 ° ^ 

to Q .3 

-a5£ 



"8 8 



^<', 



IS 



iat<« 

! 3 ftH 



CU CD O CDQ 
PI4JIHM 



^ 



m.S 2P 3 



2 

3 

6 



u £ 



3 B 2 
3 Org 



PQ.S*». 



CD a3^ 

QH 

IOCD I 






S«-S^ 



< E 



a, a> q 
CQ> Bi 



2 6 

:^'a 
>^P 



ca w a 
3 g o 

-§^§ 

co u ca 
e E fc 
ca w 9 

OQ> 



I « 5" 
O 3 Z 

^ CD Z 

a § g 
o 3 z 

o co m 

s- ecu 



a 

.2 CD 



CD 5 



. . f . . . . X 

CMCO^r-KMCO-^ < 



CD CO H 



CD to 
.3 "ft « 

ctC"^ 
CD P O 

&'a,2 



J) U-P 

s >»« 
-3 3 e 

S ca CD CD 

CD S S^ 3 
Z 3 'J3 £ 

o ta cd .3 ta 
a rn S 3 e 
S2 e o 5* o 
>js.co cu _Q 

ocuP« 



"3 e 
x 2 

CD g 
-M CD 

is.a 



^2 

CD _ 
CD g 
>>.2 



^& ft2 

o & a .a 

*- e § s 

o Z . .3 

•a ill 



-o-a a 

«J H O bo^3 

-3 ca •« a 1- 
11 g"3'« 



ft-3 

a 
_ jg ca 

eia » 
ca cd g 
— ' e 

ft cd'C 

mcu 



cd 



3^ 2 



u ca « 

<fcCU 



CO-^flOCDC- 



CD 
3 
CD 
XI 

-a 

CO rt 

cd ca 

CD CD 

X 

00 



00 CO 00 OS O OOOi 



CXI CXI CXI CM CM CM <M CXI 



< 

a) co 



■M- a 



S?6 

„„ £" to a m a o 
*°8g|5g 



2(2*0 



.» 3 

T3 o 

PV 



fcJ3 ffl <° 



2-H 



£V <B S CD «2 W « 

O cu +* a> be r i 
55 * g-o-S fc 2 

h a «4J 3 o (, 

gHW K Eh s 

fc . . . . >< 

XhM cc* J 
W O 



e <u 



PQU 



CO 

• <! 
to P-h 

.&< 

S8g 

«2h 

>> o W 

-OJ3 > 

.1*3 8 

1S^° : 

.a v « o ■ 

& o <2 55 55 

" ^ S 2 < 
.2.2 S g m 

QEH§g 

. . iH CO 

cn co >J o 



CO 


a 


55 


0) 


O 


Sm 






E-'-O 


<C 


C 


N 


CO 






55 


in 


< 


0) 




as 
O 


bo 

a 

CO 


H 


o 


ft 


X 


s 


H 


w 




X 




w 





? o oooHHHcoro^f^finaitototot-t- 

6f H >-l i-( .H i-H i-H i-H i-H i-l t-I i-H i-H i-H t-H t-I t-I i-I .-H 

£ CM CXI CM CM CM CXI CXI CXI CXI CM Cvl CXI CXI CXI 05 OJ CM CXI 



2 



ojW 
hoa 

O Vi z 

So c « 
Oo-2 H 

g S |g 

< a 2 x 
fe C g <! 

O CO gEH 

H $ h M 



gTSrfS g 

-M D O 3 



CO co . 

*> Sh: 

2 Sg 

4) w O 
(3 m -_j3 • 

0) "S cO 
bc 3 x 

H ^ Si 

►SehEh 



^2.2 



P £ 



S S 



co _a; 
02 J3 



to ca a 

ca ca . 
HEhO 



S " S-2' 



i2 55' 



I CXI CO TJ< LO CO I 



^ 2S 

« 5 M 

to of co 

. 55 

- W r 
O 



S>i£s2 



I CM CO ■** LO 



o 

H 

u 

p 

Q 

O 
BS 
H 



s.s 






50 
9* a) 

u co 
o> a) 

2 fe- 
S s 
& 

co g 



JS-Sg, 
"S'g» tn 

°> co S 

co ;2 co 

® o S 

h Pip 

.. » * 

co Sj3 
cu Oo 

■o in w 

gco g 
0) ■ o 

g- 1 



g2J* 



S*~ 



2 50 



S.-e - 

agoo 



2-8,2 

3 a** 



p. o 2 



CO CO 

CO C ' 

co C 



2 - MS 



Lr cu -a Sh 

3 » 3 ., 



ffi 



o c c 
000 

"° ° be 
.JCC 

£!«! 'I 

CO 'El 

O CD 



■a -goo 

-LJr2°° 

m to • 

o 2- 10 

^3 "^ "3 "H 

OtS 2 

it- u a, 



2 S co 13 
" ■* 3 a> 

«J w j2 

S« CD O 

S 2-g ^ 

a! 3 -** co 
CC aj _ ™ 
- &p 2 >> 

CO «0 
- f3 — g CD 

o< co > 

<D Sh o ~S 

•^5 £ 



as ' 

a; ca.2-^ 
O co cu x 
Z -h "o a> 



'S 2 s 



E 1 » EPS 

a • ~ t 



CO 



o 


S 


ft 




CO 








a 


a 


CO 


£ 




o 


rn 


43 


a; 


ro 




CO 

C 


TO 


_o 



JT3 O. 



*8a 



-S£ ^ CJ 

<J_2 3 
53 — 



P'H.'O 



2"= g 

oe/3-O 



C c 

■g«2< 
3' 



i 0) 



aq£ o^o 



fig 






LOLO LO 
.-HOI CO 



KM 



^t£c£ 

LO LO LO 

Hcgco 



Hffl 

C~H 



iciom 



co cd ^ a» ^ _l _l 

ca o >-. 7i 43 
Sh o ^p— ft co o 

32«3g3l 
"IjV $ £ „3 

„■> _ £«ih cd-S 

», -2 d »- O CO 

'■S S $ 3,2 ft<2 
ca »i-h « d.d, d 



t3qq"T3 

0°2 ce 

* £ 
to C o 

"d d 

2 d cd 
2.2* 

* "2 
2 d-d 
3 -a o 

PQ'd g d 

a>"2 2 S 
^ §-§ 3 

T3 "S-O'S 

£ o * 
*~ ' z3 -3 o> 
o « m 43 

»43 O 



-a e 

C 3 
35-3 



2 «a 

* 3 

a) -5 



ce d 

3 ** 
■c d 

■8 "8 cd£ d 

to Si CO "g.-i 



d > 

°;d 
-d^ 



fficn 



o 


& 


a 




CO 


o> 

-D 


d 


c 


0) 


& 




o 


ro 


43 


01 


uj 



^2^3 o 



°-2 d 
a tt -a 



oo 
oo 

moo 



"io o o 
-^ cg-co" ¥ 

OcMrf 






^gT3 O 

°-2 d 
a ft ^ 

-~ cu 



OO 
OO 

owt-o 

O C/JC/3 O 
O-P-PLO 

^"O c> ^~ 
OO O Si 

43 ce -* g 



oo 

o_o_ 

o"o" 
ococoo 
ose-se-o 

'" o o?. 



CO 



, co 






«~o o ( 

O lO O Sh 

OHM, 






co.y 



o> o 

Sid 

as -q 
CO o 






LOLO LO 00 
i— HM CO CO 



MM 

c ets] 



1OIOIO00 
i—l CM CO CO 



_StS3 



LO LOLO 00 

t-h oa co co 



J2t-"2 

:>^ 

T3 . 0> 

.2 O) 

<J O O 



.-a 3-5 § 

7 cS 



"a c ooo 
Co o o >o 



i— i 4) c3 



— 5=2 S 

131o-2 



2^ 

-d 3 

52-2 
d > 

S^cu£^ 

CO Sh CD«g — 



^V-2 "^ 

co ±3 S 

g^ 2d 

2 § g * 

O -u o O) 

^2§° 
S-S^2 

■^ 0IT3 O 
0>3 d fe 

H X , ~ bo ? 



oo 
°.o"o 

CJ5 t-O 
OCM _ O 



^^"oo^ 
o o o O U 
a += q ffl - cd 

iO^i CNI i 

CQso-so-ee-O 



HPQ LO LOLO 

jSNhnM 



oo 
oo 

°.NO 

CO LOO 

•S^-S^LO 

^w"oo» 

cj O O O S-< 

a -^ «o eo g 



^<^c^^ 
WPQlololo 
r a N h oj co 



oo 

°.cM"0 

00 -^o 



^ U>J o o °^ 

o O O O h 

a -^o\oo" g 
ioo] t-h x 
CQ cvj coc/j O 



HW LOLOLO 

sNhincc 
E-1 



X CD >h CD _L 

ji o ^ -d 

CD cD^ "> 

CD > -^ 0) 
bB> Jh d43 

rj O >> «1 01 

a d»5 * o 

T3.dH3-g co 

o e h > 

.5 aj ._§ d 



S 



CD 



??II « ce" S co 

2c2°° ® CD 

ca o> i— i ft d 



rr o oo 

0*000 

N -^"co"c\f 



©2 

CD 

Eh d 
,^ d 

ca 



T32 » 

B°i3 
Sd3 

to 2 la 

a F 3 3 > 

CO Ol 'g'd 

*>o^ — .2 



-2 d 

T3 CD 
d <D 



0, 2 8 ^~ 

2 a cu-2 



£ a s 

d ^ 



d ?) f-iri-e 



B d cd 



ft-d> 

CO "J 
CD 

3 C 

l! 

MEd 
d d 
'%"* 

3 d 
3 ca 



cd X 



CDlO 

dn 



, CD CJ 



CD co e 



&$ 3 

ca ca 6 
«i h « 

-u ,. CD 

-^iS^Lo 
2 £.S^- 

d CD >- CD 
8 tt tB > 

ca ca 
cacog 2 
-^^co d 

5^ o ?< 

Wjjo 
N c«lo 



CD CO ■ 

■^ ca 



«-dS 



-D CD. 



01 _C 

o ca 



"d 0> 

2 s.a 

° S 2?o 
d ft^t^ 
-FH ih a <» 

QH hto 

"ca ^rori 

caM T * o> 
-^Noj > 
-* e©- 2 



CD C CD b 

ca<3§^ 

ftw.a d 



3 2 2 « 
-5 g^^r 



-oo 



CD 



'of 43 C8 

e«- ca sh 



-"Ncm > 
LO ^,g 

^oaxi ca 
s«s- ca ti 



03 "5 

co .S / ~; 

d So co 

a 2 d 
d42 >-. 

a ^ o> to 2 

to ^ -d CD 

>- d d u 
o ii j_, d j. 



3 9 

'>i CD 

a 43 



CD'S 



a-a 



d ca 

a -J 

03 ca 

si 

u ca 

42^, 
_ CJ 
O CD 

^^ 
N g 

^ «00 

°ce2 

"^ i-H .O 
C4-t 

2 ^+j 
£=2 d 

-i>a 

5ft-S 
&d 



•CT< oo o 
,i t-00 00 

K5 ce ■<* •«* 
^ eo of of 



d 2 * 

sell 

to 0>^-d 

SP-' 

•S d ™ 
~-s CD d 

■t^HjJIIcQ 



i-pTl 



bJD 



a d 



CD bo 
43 d 
Eh ca 





<U 4^ 


a 

CD 


3 s 




s- V 








CC cu 




-2 « 




es fc< 




m a 




., ca 




.2 H 




CO 




C« rH 




pa 




<u 






•1 e 

1.1 i 



■8-3 

is 

•2 e 

« S. 
S 3 <? 



3 

O 

a 

ca 
if 

-III 

cd"P a 





73 

09 

o 
a 
o 
u 
0- 
ce 
*C 
CS 

£ 

ft 

"8 
o 


These increased standard deduction 
amounts would be effective on January 1, 
1988, and would be indexed for inflation 
beginning in 1989. For 1987, the standard 
deduction would be the same amount as 
the ZBA that would have applied for 1987 
under present law (i.e., the 1986 ZBA as 
adjusted for inflation in 1986). 

(b) An additional standard deduction 
amount of $600 (indexed for inflation be- 
ginning in 1989) would be allowed for an 
elderly or blind individual. For these tax- 
payers only, the new standard deduction 
amounts listed in (a) above (otherwise ef- 
fective in 1988) and the additional $600 
standard deduction amount would be effec- 
tive on January 1, 1987. 


Same as President's proposal, except 
that the personal exemption would be 
phased out between $100,000-$200,000 of 
adjusted gross income. 

Effective date.— Taxable years beginning 
on or after January 1, 1987. 




S 

V 
GO 

3 
O 

SB 


These increased standard deduction 
amounts are effective on January 1, 1987, 
and are indexed for inflation beginning in 
1988. For 1986, the standard deduction is 
the same amount as the ZBA for 1986 
under present law. 

(b) An additional standard deduction 
amount of $600 (indexed for inflation be- 
ginning in 1988) is allowed for an elderly 
or blind individual. For these taxpayers 
only, the new standard deduction amounts 
listed in (a) above (otherwise effective in 
1987) and the additional $600 standard de- 
duction amount are effective on January 1, 
1986. 


Same as President's proposal in provid- 
ing a $2,000 exemption and repealing the 
additional exemption for elderly or blind 
individuals. However, itemizers must 
reduce their total itemized deductions by 
$500 times the number of personal exemp- 
tions claimed, beginning in 1986. The $500 
amount will be indexed for inflation begin- 
ning in 1987. 

Effective date (personal exemption 
amount and floor under itemized deduc- 
tions).— Taxable years beginning on or 
after January 1, 1986. 




"8 

o 
a. 
o 
u 

a, 

X 

C 
V 

'33 

i- 

a. 


3 
O 

"53 

■? 

o 
s- 
ft 
o 

a 


The personal exemption for an individ- 
ual, an individual's spouse, and each de- 
pendent would be increased to $2,000. In- 
dexing would be continued as under 
present law. The additional exemption for 
elderly or blind individuals would be re- 
pealed. 

Effective date.— Taxable years beginning 
on or after January 1, 1986. 




c 

09 

a. 


3 
_o 
'53 

> 
o 
u 

ft 
o 

& 


The personal exemption for an individ- 
ual, the individual's spouse, and each de- 
pendent is $1,080 for 1986 (reflecting an in- 
flation adjustment for 1985). One addition- 
al personal exemption is provided for an 
individual who is age 65 or older, and for 
an individual who is blind. 




S 

cu 


1 — . 

2. Zero bracket amount (stand- 
ard deduction) (Cont.) 
o. Increased standard deduc- 
tion for all individuals 
(Cont) 

b. Additional standard de- 
duction amount for elderly 
or blind individuals 


c 
_© 

"£. 
E 

CU 
Ol 

"8 

s 
o 

CO 

u 
cu 

Oh 



CD - "^ 



10 5 
co B 



-9 *-i o 9 

to <l) 3'rt 






•?«s* 



^ 0) a/ ^ w , 

* 2-OT3 M 



I CD 

» gjj 
, CDT3 

!"" ca 



o> R-^-a 92 



,j3 co s- m^.i 

°T3 B-3--I 2 

!^ « » 2<*>--a 

; S ^ h -c "O - 

3 B* a>-s ca to 
! 2'-3 ft .£,B a 



-S'ca o o 
.2 o-s-s 

3 to E B 
,5 CD o o 

2 co <u 
:5© ft ft 

ShO 

•POIOW 

"S<m"S3S 

a ©o 

O 01 io LO 



S'S .2 
^ ^ cB- 



g-s.a a s 



o os k cd-c 3 



ca 



to2 

II 



■ — i ca 

U 
X! 



JA.U 
£ > 



ClOd) 

g^ga g- ^g^fi 



ca 



»o«"" H S 



o-Q ca - 



x? 



a >>S o? 



T-, * <£ 
55 l* 83 



co ca co ;r — < 
,t3 ftao,2^ 



ia CL, CD 

co e o 

43 co S X. 



>> ft.2 B. SR <" 
s co 3 catio 

ca co c co -B in 



m '-'3, 
>> „2.b 

■5-2 £ £ 
•S-g * 



i-22, 
2-23. 
fi-S g 

&_2a" 



3 & ^ 



co 



co S3 



t^ca'o.S 

Sfe-2-2 
^ g <*§ 

o 33 

C aj co" 



S3-*! 

jflO ^? N U C 

ON ft'g 2 

; -Q-B 



^:s 



ca <u' 



3 co 51 ^ P C " >> 



.£.55 P 



2§ 

3J3 



^"^S 3 



3 B ca 

Xt3 O S-, 

a __, goo 

B CD CO 60-00- 



a t!;3 
o to £< 

2 2 » 

So"o 

— "a ca 3c 



T3«.i 



5 



N CO 



fi- 

•H cd o 



8^ 

.T3 
CO CO 

8 6 
b^ 



— ' O.B b o-g-o 

5n_S - B ^ co^ a> 

,rt co ft"3 Sx! 
fiX! b- 53 ? ca 

ti * ? s d 

*j (jj CO -M j;. 

qj^-j^t) 

-Soa "S. 
2^2g2Sfe 

-C Q.J2 S C3 33.S 



2^3 



co cB-"'- 

g O-O) 

-2 8 

S 1 -B 
g >? 

"H .'B '•I 

co^! o 
TJ.S| 

a 2"^ 

•J 13 
a 



UbI^I 

-a 0, o -^^ 2 
ga ^-§5 

a, « g B'ftM 
. .St>c b 

; g rt 3 CO B 

2 to 2-5'Si 

co^3 2g CO 
co o » S 
o o2 2 co 



■Ms fc 

js.g"-' 



B » 
2-2 g 



B B co 

° 8 a5 y 

.2t3 « 



I ca 
<a 3 

« a 

a>-a 



ca: 



co 3 S3 "S3 to § 

X) T3 ft U cait-i O 



SO (h «S2s ,rt fl2 
•*?< a s 

CO -C 



S^la.SPo 3^ 3 
gl^ 



N^3. 



^ ca 



ia*^^: 



CO 3 M ^^ 

J3T3 c ca >> 
~ co J3 a + J 



ca o to o cs3 

■ca- 5 



^ftjr^g:^ 



•la >>S-2. 
^hcs-ga .§ 2^.2-b 
^1? g a ga <u b.3 -v- 

S ca « |5 
|&ft rt S|£3£.to 3; 

.B O-wja CD ft-ST3 3 >t 



S'Sc'^alSo 



£ ^ ^ CD 



ce 

C8T3 
co'O Ol'O^j-B In OJO 

a S3 S^^c2-a^ 
m p «^«S >>2 « 

H^-Q_g CO 



CD 3 



rfi 



a^*^ a S!^3 a « 

u o-° Ko o> ca h S 
<u 3t3 «"o >;a 2 

B-co^ t.-O- ft c 
o O ftfe CD 3 3 CO -C 




"3 

O 

a 
o 
u 
Ph 

CO 

*S 

ca 
£ 

'3 

js 


Same as House bill. 

Effective date.— Taxable years beginning 
on or after January 1, 1987. 


Effective for taxable years beginning in 
1987, the earned income credit would be in- 
creased to 14 percent of the first $5,000 of 
earned income (maximum credit of $700), 
and the income phase-out levels would be 
increased to $6,500/$13,500, with these 
amounts being adjusted for inflation in 
1985-86. Effective for taxable years begin- 
ning on or after January 1, 1988, the 
income phase-out levels would be increased 
to $9,000/$16,000, with these amounts 
being adjusted for inflation in 1985-87. 


Same as President's proposal. 

Effective date. — Taxable years beginning 
on or after January 1, 1987. 


£ 

cu 

en 

3 
O 
X 


Same as President's proposal (marriage 
penalty relief provided through standard 
deduction and rate schedules). 

Effective date. — Same as President's pro- 
posal. 


Same as President's proposal, except 
that, for taxable years beginning on or 
after January 1, 1987, the income level at 
which the phaseout begins is increased to 
$9,000. Because the rate of phaseout is the 
same as President's proposal, total phase- 
out does not occur until $16,000 of AGl. 


"3 

CD 

O 

o. 
o 
u 
o. 

J° 

c 

'bo 
cu 

u 

PH 

3 

CO 

s 

ca 

CO 


"3 
«> 

o 

o 
u 
Ch 
ai 

C 
cu 

3 

"35 
cu 

Im 

0- 


The two-earner deduction would be re- 
pealed. 

Effective date.— Taxable years beginning 
on or after January 1, 1986. 


The allowable credit would be increased 
to 14 percent of the first $5,000 of earned 
income (maximum credit of $700). The 
income level at which the phaseout begins 
would be raised to $6,500 with a total 
phaseout at $13,500 of AGI. The maximum 
amount of the credit as well as the phase- 
out income levels would be adjusted for in- 
flation occurring after 1984. 

Effective date.— Taxable years beginning 
on or after January 1, 1986. 


Income averaging would be repealed. 

Effective date.— Taxable years beginning 
on or after January 1, 1986. 


ca 
J 

e 

01 
OS 

cu 
ii 
Cm 


Under present law, differing rate sched- 
ules and zero bracket amounts contribute 
to an increased tax liability (marriage pen- 
alty) when two single taxpayers marry and 
file a joint return. Couples filing a joint 
return are allowed a tax deduction equal 
to 10 percent of the lesser of the earned 
income of the lower-earning spouse or 
$30,000; the maximum deduction thus is 
$3,000. 


Taxpayers with one or more children are 
allowed a credit of 11 percent of their first 
$5,000 of earned income (maximum credit 
of $550). The amount of the credit is re- 
duced as income rises over $6,500, and the 
credit is totally phased-out at $11,000 of 
AGI. The credit is refundable. 


An eligible individual (i.e., one who has 
been self-supporting and a U.S. citizen or 
resident during the past three years) can 
elect to have a lower marginal rate apply 
to the portion of income that is more than 
40 percent higher than his or her income 
for the prior three years. 


£ 

cu 


e 
_o 
"-5 
u 

3 
•O 
cu 

•a 

h 
CU 

S 
u 
a 
cu 

6 

£ 

US 


cu 
u 
w 
cu 
E 
o 
u 
£ 

cu 

e 
5 
W 
to 


be 
C 

'S 

ca 

u 
cu 

3 

cu 

E 

o 
w 

e 



PQ 



o OS 



H >, 






2r: 



CD >h CS <l)T3 

ca"^ ~ <d 
jots >>© _ 
2 a> .5 © X3 
O ca «_r O 
ft JhSD<» 

3.3 ^tj j2 

s.s > — i 

CD -" O'TJ 03 

t, o ca 9 
H -o os-a .2 

j cO'S-- • 
H3 a _.s. -3 



cd S-c • 



.2oo 



cB' -1 



CU Ih 



co CB Xi OX! 



<2 ; 3- 



e-2 §-2 



* > S CD 

g o o « 



-a is <d " 
3 SP_-d 
2-ll 

™ > a o 

X C « P 

EH S— ' 

fl.2« 



CD 



^00 
n OS 
cb , " H 
*_r 

E- >> 
I 5 



"e^ 



*S 

Sh 
Qt-I 



CD "D 

J3.2 



=2 P- 



"3 CD 
CD.fi 



w CD CD J, X! 

,2 "3 ^ ® ,-S fe 

xi s « g,*g =" 

ilf S o § S § 

CO CD > l 

- CD 13 O 



a-S-s-S-B-S 



>>-o 
~ 73 cd 



% d » (1 A », 

° s* £ a- 

_ ■-( -lj -. " 03 



^ 03 



Q *-« <^_| (jrj -£ f-H .J« 



5>3 



3 CD 58 

O co 



P So 



~-2 
o ca 



x 3 
ca o 

£.2,2 



5 CD « CD^ 3 C8 

11=11= 

J^CD^ 

-_£ S;3 § w 



2-S ca C.O o 



i^ 3i3-fi 

-.S"3-o ** 



a||1^ 

CD -^ 2 <4i ^ "J3 

•5-33° ft-g 

' H M«g 2 
" 3 cd M^ 
^^ 3 » S 

«1 - t - > i^ g 



.fc ^ 



T3 CDrt- 

Jj. s :2 



-C CD 



m 


£8 b ft 


3 
O 


£^ 3 
CD O 

ca h o 


cm 


t*-i T3 




O ^j CD 


-n 


CD C C 


al 




CD 


ffl.2, as 


-C 


° fi 



CD CD 

ft 3-3 cd^ 
T3 3 O 



S"2, 



tn m t- 



T X c cd?3 
*j o bo^3 2_- 

a.a & 

CD CD J3 3 -, w 
+j o M cj O o. 



-T3 3 O •SJ 



32 g 



s ^.2 

C n m 
"3,-2 Ht 

5P ca 

p CO S 

3 =8 3 

6 3 g^^^-S 
ca 



3 CD 3 

S2*3!81b 



2aoS - 

o-C-o^-3 

'l=|!|1l: 



-m c r^ co fJJ o 



— ~a 3.; 






bo 
2^3°- 3 



__ 3-3 «D P 
«"^ CD^ 

_o^ 5 ca g 



CD CD 

-Q ca 



+; cd >> ca 
cS^S^^bo 

3 



BJ3 
5 £ 



555 n"' 



5 O !-. rrt 2 

^ ° 2 « '-S 

-a§s^-ag 

b w ffl-o co_ 
S ">•§ « 

fe 2- H --T3 3 

J8 ftj2 B;3 £ 

, 3 fe'^- <D 

|»|231 

^ "SSI ^ 2 

O ■-! — j>-H 
C0T3 42 OT3 



93^ . 
3 -a £ >>■ 



£ h 



53^3 5 S- 

ft CD 5CI_ 

3 o 3 >< £3^3 

_, CD CD 

g£ g.S CD X! 

.3^ g ca >>cd 

' "^t. ^I-I 

^'iag &9 
cd;3-_j3 £8*^ 
ialg'c o"^_co "g 

-Sig-S-Ss § 

^-3^3^^ g 
^ «^ §^ SS2 <u 

O o 3 T3 +» 2 CB 
_-^ CD CD CD n> -3 j3 
!- U3 > 2 ffi 

cd -a wiS-s^J P— i 

iiiiiiii 

C * 3 o ' us? 

P CO 3-o § 2 ^f -1 

5Pc a- cd 3 g ft 

CO 3 CD s- .3 o co 



CD CO Xi ^i CD CO 
3 ^ +3 O-H— ' 

°«2^ 



!x>o 



CO-C 
3-3 g 1 ^ 



^h co- rt 

CO.JS CD 

+3-3,3 



a b-S 



IhX! 



co£ P ; 



J-O--^ 3 " 



I'C-S- 



H CD CO §T3 

I 3 M 33-3-g 

; cd -3 K^ 3 ' 

j co — ^ g ^ 



3 cd co ca 
fs 3 >-X|-Q 

o c-htj 

CD * S_T 
CD ."t 



& CD w" 

2-3 ea 



^•g ca 
caMcog-S-S^.g.S 



333 



co c8 o 

5 ^fe 



;-3 =8 2 ■ 

.a -a ft-c B5i 



3JJ ><.S =8 

H bX)c8 ft 
< c -^ _- CD 
•3_0 co 
10 ICOO 

CD * C lO g 

>>fi 3=^33 

ca o rt t3 
^-3 ca +> tr 

o J) J 

t- ca 



3^ 

oo'S.2 



CD^m 



^fe-2 



a ^ o.^ ■ ca 



•sgaasps-a^ 



.as 



b 5 o. 3 "Scots g 

3 o toC£» S 3 



C8.3. 



CO CD • 
<D=3 
co Ph 



3 
i3-3>> 

5.2g 



■TlOO U 

^-^ 3 S 

* S §«3 CD 3 

T3 T3 >^ CD -5 
<D 3 3 SXl C8 
£.3.3 3<*3 m 



F 




■*a 


"ea 




p 


CU-O 




H 


J5 H 


X 


CO 




tfl 






H 


Q 




CO 







> 

o 

OS 

0. 

x 

< 

H 
W 

o 
z 
-J 

p 

e 



-SIS 



.5-- 



3j>§ 

3 0« 

s s 

, ° o 

33 *_, 

-jl 

S3 ® 



- > 



;S j2'e8«<-i 

S S 6 

03 . i 3 

ft S ♦'•S 

X 3 ■*> 

-2 3 -g 
O to 42 



13,3 <- g-i c« 

S-S-S a .a 

-g^.5 8 2 

3 I "s § E 

o> 3 to -u 5 
3 ..'5 ^^3 ft 



EC JL, 
5 0)' 






<i> •£ iS. _ -« ~ S ° 
2 m »■? 3 3 °_TJ3 



'3 

'3 CD 
BJB 



3 « S 

M ft ? 

bio- 33 O 

3ci co -3 3 

>> <d 3 3 



^3-°j3 _ 
°— i o a>33 C 

° _r j3 ja « 

°-Sg SUSP'S 

3 3 ft_Q .3 ^ 
O =« >> ^ 3 

3^0) a>.2J) a 



§-3,3,3 



a g 



^.2 



3 




3 


JO 
3 

o 


CD 

E 
o 
o 

3 


3 
3 

■a 

0) 
-3 


[fl 




CO 








3 


L/J 


3 



3j °° 



CD 13 

E* 



SO) 



=3 £ 

<! CO 






a g 






o c J 



£ c 



2 — CQ^ 

E u< 



.8 6 

— < 0) 

3 S 



w — 0> T5 



5 * 
O 3 
o o 



3 13 
E CD 
343 
CD . 

o> <u 



g-fi O CD 5.3 



Sp 



X 



ca 



CD 3 



Oi^oi-H'3 0> ! r|CO 

> h Efi2fl' fl d 
O gig 5 B « 9) « S 

ft 5«3 tio,S cd .,£J, 

s. 8 2 S ft^ 8 

S 3 3 Sh 3 T3.3 • 

co^ 0) g O o> § 
BoS«3"^o.o 

o> ca , ii S _ 
CI a 3 ft'SC! +3CI 



3.-H-2 



o 

;^E 

i 3. 3 



3 CO CU CD 0> J 

^ CD O^"^ 

2 S O C 01 E 

S.S g£ §^3 
S^sP «J3-s 

S to 55*3 cd .2 

3 ,^H *J +^3 

3 i— i ^~. co 

t^«) SOS c 
!«« 2x-S^< g 

!T?-B i3 ^^ u ft 



5^3X1 



S O 00 3 ' 



c».3 



H -^-, !h 



E33 



e 3 3 o P c S3 
3 cd a 1 K E S 3 
3 J3 CD CD w 3 3 






M 


& 


o 

3 


3 


-3 


;=! >> 


a 


CD'S 



■ CO -M W .JL J 

^ S*a lis » a- ^ 

'Sg'a^a'^ 
s!- a g3S8.gg£ 
a » H o>_ m § * £ 

o - Q £> 3 'O ""' -g ;3 T3 

_ a -o 3.2 9 B o 5 c 

« S o i: * d 3^ 
to is« C<u C *3 o> 



<" § ° 2 «'"S a 05 

"H 0<J B C 0) j. 

uftca s- ^,2 gg " 

c^'2^ - 
. &*» |- ... , 

t^ £ rj ra Jh -M 

I S _2 c-2 c=22 a 



^i^iftiiL'i 



Sfs~3 5g:S> 



^alS^** 

oS P C8.-I 0J-Q+3 >-> 



ftj 



I 5S^ 



o 2 
a 



-s o> $ « o ^)caS 



hJ9 

O.O; 



3 J SI 

6 0) 3 C3 m 

o >>,3 p e 

* q/3 >>8 

~ a 



53 -gjS 3.0) g gjg, 

J o fl •" S °Vrt . S « to 
|g.2 rt § , S^^-|g| 

>-< ^ m s J2 o) a 

^Sg^SaSSi! 



*J2 

03 " 



.5 o 



8 & 2^ ca S^< 



3 fa 3 So & ^iJ-S 
o s-, tc ,„ £> co 

m « o o>i° ca a 



g a,Jd g M »• 



Ph 0) 



* SH 3 



e =» 



IB <5 

I 



I s ! 



^> co 
0,° 
9>& 






^ cd 



SC 



o 3 . 

2 3cd 

W &« 
eS^ 

~ 2 H 

43 cd 
cu oS 



£S « g In <u 

o, cH2 o « 

-a cu'O 3 M 3 

9 SB to 

3 §£.3:3 8. 

» a "8 s £ 

6 5 m^ ^ * 
« a>-3 <S 

3 -y s „ w 

CD -U Cd T"! CD CO 

i a-e a a, g 

"*» "^ rj CO CO 

IftSiP 

SS cd -^ 

Qj CJ fl \ CD CJ CO 

«i. a ® g 3 a 

cd^3 



box & a. 



fan 



CD 



S g 3 g>ssj 

o o i) s a® 

ft fi ft+3 tfn 



<« 



Is" 

(V^CO 



CDT3 
> d) 

'"! 

CO CO 

S s- 
*§ M 

CO CO 

■ H ft 

S CO 

■9 I 

oa2 

Wg 

E7 1 caio" 

CM 

. CO ,_ 

^.a>ip 
^2 6 

■**o ft 



CO CD -\ 

It 8 

CD CO 

Ss fl 
, co -rt 

s^ 3 



S £ 



*S^^laB 

CD CD CD.g'-^ft fcj 

""'So. 



c| S be o 3 
u CO w a; _|3S 

2-3-fl 2 

e ac s. 



-, 3 CD 

> 3s^ 



*-S 



ess.s c a 



fa n § 
e ° i 
Si, "> 

be Qj 

.Sr co 

S S 

^ a 

cj CO 



cu b -rH C 

CO I* "Jj <*H pt3 

co CD s o 2 
So ^ 

CO CD g 

^-S ° 

CD 



■ u co 2 T3 ■> "S 

So^.a « cu 5 



cd-3 

g a-S g cd 

^J= CDS ""S 

co a c cd -2 

CD S S ^ CD « 

co cd 5 S 



.2 £ a 

CD CO s 

Q. CD " 

co.y -w 

d> H 2 

rr co 
to CD © 

.0 c 
S 2 SR'O 

fa S -tt^ 
05 k^2 w 

cS'O CD 

ktS ft 

«p $ a » 






a cd 

03 CD 



23 

_. O 
CO ^ 



ft2S'-' l3 e3!ficD^ 
S 2-.P SSSSqO 



1 +J CO tM ^ cd ^ 



CD CD 

a 3 cd 



bD 



CD CO M _L !h >>_!, 

3?c8Sc3CD_; 
O O bOt^ coS O 

feS fl-tn S- CDC5 

CD'Sjj * CDS<35 

S "2 'Sa* o 'S 3 m 

.as 8 gal ^ 

^tH^I-jEcoft 
. o d co -^> cd ca ■ 



K)^ 



cd in cd S cd t 



c cD^i, co >— j .j, _i, 

cS'«,a>"S. g-T3,a> 



« c .« 



■r fl 3 



cd y in o cd 



&! cd (h « 



iS a w 



-J" CO J? 
_ft cd _ CD ft o 

>,i3i&ift 

c OT3 co 3^ S 



o 5 co 

M .a 3 



»iS cd « ^ 3 

aSa*aa 



bo 



& 2. 



CO 



I-S?Sl8^ 



C 3-3 

cd 



^h .2 cd O CD 

bo-C jo > 

^ 3 Z2"c3 "J 

Q S ™ u 

I '-S T3 "^ 

. d cd 3 ^ 



. cd—i . J=S^ 



3 3 - 

<b o g 

i « 2 

0.-3 <a 
"53-^ 111 

cu o 3 co d) X 3 
S-3 « » g 
a>bo 






2 -a 00 H 
£ ®0 <n 



CDS 

' E 



fcuo 



3 cd 



S S ft ft 3 3 a, i 

P a-H y M -fH 

«asj - cos , 

2 O co ft 0> co 

■§ a I s|| I 

cd sSsSflSJ 



eo co ft o bo cd 
.y S g 5 CD 3 

, a f v 3 ft o 

8S°8 S 

^2 £.2 *h CD H CO 

ca» ^«2s 

CU CD 3 M tn "J3 

g-3 o c o „ a 

<D O O O 3 X 
cj S S o o ft 




oj >>£ 



3 CD CO 

-^ a ® 
CO ?T> 



■-* CD "3 G 

t-i ft 3 ^ 



CD J, -3 
*■%$. 

2-3 o 

3 ®=3 

& g CD 

CO ^^ 
CD^ 



■H 3 



g 

•a 



u a--«.« 



.S d > ft 3 '-tj 



O co CD 



3=3 a< 



H13 

a *1 

3 > 

>>— ' ^ 

-co 



a ft m 

«2 e 



CD o 

• _- to a) 
"3 -m -3 

» d cd cuja 

^3 ®.2,3 " 

a S-73*" Eo 



CO 



ffl^Sftn 



TJ «a d 



d o 



r -p ffl 
fed* 

ft co 3 

p CD -w 

— in B 



■2 ft a 



fl ft 3 

CO CQ b 

te CD +j 

5 > d 

s oj >- 
•ri CD 

ft 



H >> 



fS s 



2 ^,5 cd .2 
* 813-3 



!<2 2<2 

3 *" 

CO _ CO 

fl^ d 

2 8 2 
'-3 g'43 
u o o 
3=3 3 
-3 3-s 



CO ^f 

, CD 

%$£ 

^3 

3d 

2 ■§ 2 

3 -£3 cd 



-d 
®.t3 

CO s ~ 

■cS 

CCj CD 

xi d 



CDT3 

.-a 3 

§ s 

d CD 



CD-O 
-3 "3 

H 3 



55 



m A ' co a -3-o-y C3 
• rt S Xfl 9 °J co fl-^ 



' m 0) 2 

S.23 § 

»ftl oa'43 

d O cO 3 
o d """3 
c fc-2 

CD ^ =*-* 

§ 3-SS .; 
g.22 5 

a a o^c 

ft 3 1<C_ 
■3 ft c0° 

co o> r* u © 

v-i w o oPeo- 



ca<3 



™ cd « -s s 
y .-i cd 3 S 

O "3 3 ^ 



U g-a - 

c ca-2 d o 

_h -£j -M.3 +j 

^ !a 3 cd o 

"° 2"3^3 CD 
|^cof 

ins 



.. 3 

CO <Y) 

gTJ 

ft CD 
O CO 

*h d 

ft CD 

^& 

d <" 

-S a 
2 o 



•S-rt CO CD ^^ " 



,2 Eh 

muss "-2 fl ^ fl^ 
^ C ' J m »a a =- «>.S »_ 

: llf^tllllll 

3 ■ 



CD CO CD.^, „ 



d-3- 

• rt CD 

_ »H » 

C !- O 



s 5 '^ S 

CD c w H 

„d — =3 



Ada 
-3 

<ti"* 3 m 

^H CO > W 

> 3 



S 3 



h > cdt3 i e 

»^3 5S c 2-3-2 

CD T3 CO CD-S 3 CD 
> 3 *> ft-f CDX 

3 co 2^-Q »W 



d CD CD S- 

•2^5^ 
a 8 c g 

•3 co_g^ 



-3 o 



rt ^ P 

CD 



2^ So o 

-u ft CD U 
O CD-313 4> 

3^2i; 

TI-! C3 5 






3 o 3 3-5^ 
— « CD 



CD 



N O 



CO 



s cd -2 a. 

S Sec 



CD .3 j, ., <U CD j_ 

co "3 a -3 o 3 

^ rH 3 ^a X O 

be 3 0)t3 CD S o 

.3 2 g hn -« 3 

g> to d2 d co 

O"' CD O 3 CD CO 

■ sl- ' 



«*; 2 co 

In CD +3 CD 

<D-3 3 3 i; 

.N CD O d °* 

S 1, r"a cd 

3 S --^ 3 



cd edg,o>>Cg£K 



05 u 



22 h -s a 

^3a^-S 

O CD 



P 3 co*3 



d 3 i.i 
.2 ^ § g • 

^^^[3 2 
» fiT JtS 3 

cd-j3 g J- .2 
10 to S 2 o 

CD .3: ft ft 

ft o d 3 to 
X '-3 S to ri 
« 3 gra'S 
3 3 bcg'g 

2 CI 2 » ? 

T3.S Q.13 3 

O, H> CD 

o-t) cd^43 

3 £ 3_e 
-3 cd 3 do 
CD fttJ-g u 
.N 0) C-g M 



DT3 -W-,'2 

©.a tj « 

?T3 3=3 



A 0) A to 0) 

a -S >- cd c 

3 <B a "3 3 

-3 -m ft 3 

CDC/3 g co x 

N £ g jf^H 

SO w CD 3 

=3 - K ° 

-2£ «i«2 



*■■ a 
3 2 

3 p 



-a g 



^-2<»- S 



CO 



CD CD 



fta 



s ft 

^■o-g-nCO 

d a « t. 

iK CD O S ^. co CO 

3 ^5 CD © 



3 3 
3 3 

'd^'E 

a o -S 



3 _ +3 CD « 
^5- a o 



PI** 

■2g^l 



m d d 

-S » 2 

-S 3 g 

U CO 

<D rn 3 



■2^ g 

^ ^ =3 

3 bp^ 

ja g o 
°^^ 

.a5u 

CD CD 

-3 Rlc? 

-M d CO 
O O 

-§!< 

3 g d 



d 5; -3 3 1 
.2=2 § 

St- d O 
T3&0- cOx! 

CD +3 

-3-D 2'S 

U 3-^ . 
CD if< -' 

.2co"°2 t 

00 +j J3 

05 d '43 

1-1 CD O 
O 3 

co ft -D 



>>^-3 
3"? -3 

.ago 



E 

cnS 

CO S 
CD O 

►> d 



oo dSSw> 



t« S a 

CD J3T3 

o o^ 

£ jD cO 
_D CO 



5d ' 



i g 
fci .3 

ft X 

Is 



00 ^ 



lO 03 

CMpLi^Q 



CD CD'fl 

^s g g 

.'■C fl -2 5 

^ to to -g R5 
a cd ^ 

C fc! 3 

CD 



ft.2 ft-3 CD 



cdso- 



■se 



CO 00 A 
SOS O 

?H O 



i 3 H 3 



243i u-5 

=3 cp a 2 3 

O O X3r3 d 

3 O +J O d 



3 a^-fs-S 
g S » a.S>g 

t3 Cu CD C 1 — 1 3 

"cd »r.2 s-2 

> CO o CD d 

g "3 >> <D >i CD 

»B« ft-3 a 

=3 cO 3 tn=3 g, 

3 fc _, J2 g> 

„, 0,371 3 

.2 CD 13 -S O. 
M«2 * £ CD 

g — a ® 

•2 d c2^ " 
o 2 3[3 ° 
3^ 0,-3 ^? 



5< 



-o r ° ft s 

«<m a d B 1 d cd 
■S ° § o g.|ra 

dSg-ja 3-s 3 M 

<1 2 CD „f u CD 



3 
d 




ce 43 
S_ 
O 3 


CO 

b 
CD 

a, 




a> e 


S- 




"3 3 


a 




32 


m 




a 3 


r, 











is 

S*3 


u 

3 




-a 


CD 




CD 

Q 


3 


^ 



-3 £ 



"3 

en 

O 

a. 

o 
u 

Oh 
DO 

*C 
efl 
£ 

i. 
'3 


4) 

to 

O 

DC 
£ 

CO 
GG 


5 . 

V 

in 

3 
O 


The bill provides a permanent rule (ef- 
fective retroactively) that ministers receiv- 
ing tax-free parsonage allowances, as well 
as military personnel receiving tax-free 
military housing allowances, are not pre- 
cluded by section 265 from deducting mort- 
gage interest or real property taxes on the 
taxpayer's residence. 


"3 
to 
O 

a 

s- 
Ph 

CO 

C 
V 

'5 
a> 
u 

0- 


d 


'55 

'> 

u 

0. 


2 


J 

c 

tn 
a> 

la 

Oh 


The IRS has ruled that a minister may 
not deduct mortgage interest and property 
taxes allocable to a tax-free parsonage al- 
lowance. This ruling was based on Code 
section 265(1), which disallows deductions 
for expenses allocable to tax-exempt 
income. This ruling applied effective July 
1, 1983, subject to transitional relief (ex- 
tended through 1986) for ministers owning 
homes before 1983. 


£ 


1 

4. Deductibility of mortgage in- 
terest and taxes allocable to 
tax-free allowances for minis- 
ters and military personnel 



3 s 

J3 >? 



,q o 

CD ffi 
§ CD 



£* 



i»0i»'cotpaic 

■a * -=° S "2 S° 

£ g I «J>^ »tJ« 

a P^® ft co-9 >h • 
<—, « -,"3 d en ca o o 

~T d L -, - 5 — " <» 

^ OC fl B 3 u-« m 
_g d O (S3 X.-H g 

<D "S £?'-« d « ® 'a .2 J5> 
*■< o c E-i 3 •- cd a 

§£-83.8 8 g£i 



fe » 5 2 

fl H S cd'" 

J i-S S'H 

3 en 

cD^ 3 CD 3 in 

T3 to£B JJ 

■» ca ca g 

On , ^'co 

2°«^- 

ID. 



CD 


►, 




CD 








c3 




ft 






3 


M CD 

CO Q 


01 

to 


ft 

ca 
ro 




to <D 

(Dj3 


u 
m 


a 

0) 

E 


CD 








n 


m 






o 


co 


CD 
U 


d 

CD 


to 

d 
o 

o 

3 
T3 



CO +j 

o o 
as 

fa' 13 
3 (3 
a o 


•- 3 

Ih id 
3 Si 
co 

3 {H 


ft 
O 

up 



H -£ bo** 

ra <D a> 

fi.? SB s ft 



d °co u T3 3 

.2 3 t2'> ° 

-y- ID ^2 CD 

1-1 3 fa fa ° 

3^3 <2£ 



s.-d 

ItH as 13 



0) 






to.3 « e 



•£, cd 3. 
3 <o 



a> .d 3 .2 

CO <D to .3 --J O 

S"Sv.SP.S3 o 

,3-3 CD -C O -3 



CS 



i-i-C 



_, to O ^J CD 
O "^ _ ft <D , O *, 

-3 « * A « ftfe ft 



> s- 



CO «4-c 



Qr 3 q)-^ 
3§SS 

8 -e -S «i.S 3 « o 

to ft^ o 3 O ^ o 



2&?> S3-S 



« CD "S 

ft X >> 

to CD^ 

C3 3t3 

CD 

-u -H to . 

Co 3 3 



Ml is 

.9- 2 1,2 



Si M M 



^ ® CO" 


^ 


>> ID -jri 




CO-M^ 


c 
o 


►»5--d 


c 



S-y-rt 2 3 



eg aj id ,3 -!j ' 



(D 3 



fth m $ cl' 



S.2 S^ » Ss-2^ 
3S-SS2I8H 



X 3 CD 
^ <D c 

-I'll 

3 °£ 



3 te 3 CD 

^^ * 2 

-■a ^ g 

t *- CO *< . 



BcS 



CD CD CO . 

CO sL O *» 

3 3 O CD 

CD 3-3 o, 

-tt fa 'is oJ 



CO rj 



3 P 



'3 co co,>>g 3 
3 2^ fto ° 

"J3 - * _ 2 : 

(D £ >^,3 
co O J3 -u cd c *- 1 

.2^ b S caiS 

T3 S ft 17 ^ ^ ■" . 

s-^-e 8S c ' 

fe2 ft <d •- g 1 

O 3 s *- a)- 03 " 
3 g ?X |h »J 

" SJt*- >> CD. 

^,^-.-° O °3 3 

.ca « g^ ft- 



a 



8.9 b c^-S 2:3 

•go gj- tt -» «r 

33 3 o CD CO CD 

.a a s ;s-^"G 

UJ- CD j, ID '-' C 

s ^ § 2 S c-° 

"3 S 2 id S-S 
t, cd o> bo^ §t3 

,."3 to t, 3 3 

a <d«« || g 

3-3 -2 ** * .3 .2 

"cj3 ft *> S ^ cd 
3 -3 cd a 2 /i> co 

3 3 o 3 ■ t3 cd c 

T3 o !«! CD u 3 R 

JB I 8 1 3* ft 

Q „ -3 3 "S **> 3 

&I £5 a s 



co a 

CD CO CO 

cd a . 

>,H ■ 

O id be 

ft- 3 
So-2 

s- 3 co 

=2-3 ft.2 

s * 2 > 

g-gsa 

X~U CD 2 
® «43 S 

ft*^ 2 

§ 3 cd a 

ca 



2 « ti 
63 £ 



h "C '3 • 



CD .co. 



tnO ca ca 



to.S- 
CD CO CO 
^ 3 9? 
ca^Q 



1 >-' x) - -S T3 O 

- s S m « § 

S^3 M 3 



s -u S CD K 



■^ 3 cd 71 o ca 

CD co ■£ 3 " ^i 

to B "^ 'TS - ^ 
3-O^a a 



S CD n u », 

,2 tt_g CD > 

3 Sm.fa'B 

Jh cd ^3 o 

+j o * 

c £ c « 2 

> £ 3 « .-S 

- ca 3 2 cdj3 



u « 



CD -3 s-, cd !-• fD 



fa P 



"111 
CD "3 ft ^ 



"3-Q 3 



B 13 ca o_-^3.2 
3 c ":s 3 " 

-o >- X .5 h co 2 

h gi jo « M - co d 

03 .9 g cd S «-2 
S|g^.g§>| 



3 

'3 ^": 



^■S>>-3 



cl -Sm 




3 T3 

i cd aj 

■g'S «.fa <» §s 

-£ £3 <D^"^ ft CB 

3.3 cj — o., ■>. 3 

c*h- 3 * °3n, 

Scd'H^ 2 S"S 



•S8-3' 

S 3 o 



Bgg 
gB P 3 

3? 3 ."^ 
05 j3 bbs 

CO CO CD CO 

• rt 3 •— ' cd 

■e ® ,„ o 

a; jh "43 3 .-S 

£} 03.03 

1* SP'S "ca ca 

O 3^3 -i2« 

.243 B3^ 

C2S.S3 
3 3 3 3 co 

;'Sft.9S t g 



ca^ 
a si 






•5 c 



ft e 

Wg 

w 



2 CO 
fcH « 






as 

^ to 



8 O 



Q 3 



o a to *< 
B • B 



■slfc&all 

a >; m ■— < is 3 o> 

■is O 5 01 !h T3 u 

t*. ft •»" > -^ a> _ 

It £%%£*$ 

ju fe O xt &. co ."3 

§ h-2-w fc o b & 

2 3^1.o c £j 

_2 -3 P .3 .3 >-< at 



Q, to 

Hi a, 



8 o 



3c2 Ot3 



c a 



|il33£g°§ 

*H T* O «lH +3 !I3 



.2 -«e S- a '3.5 S 



a ° oi-2 8 

to •*-< 2S 3 .z; 



B 

Mil 

11 J 

5 3 * 

3 o) 
S3-2-23 



=3 B 



■3 s- y s 



bc"8 



lH o 



S 8^.3 



O ftbO<M 

?. p 



egg "^-5 «■ 



fe to S 3 C.S 8 

-a * >> . s -S 
o ft 3 c „, "C . 

•S ^ ffl3 u*5 C 
58 5 



•J3B 

0) o 



3 «S 



o u 



2-3 M 0) | „ 



a, i— i 



C^cn-o o-B^ii 



9>-S s s 



c 8 o> ca 
^« 
a3 -^ a> 

§^ g I 

a o>.2^ 



S|" 



03 



<Jj 



13 S°.s 

Q- -M +j 

SS 3 



i- ft-^ ■ 

Q O to w ra 

3 O >- -^ C 

*-J E te to 



b y C 



^ S » 

&9 2 



v£-§ s ° a 

'o — i .^h J3 



c o> ® 
-§o^g 

o-S'SS 

1 2 ® e 

"" h «2 

2t3 ° to 

o S >.-2 

§^|8 
-.2 2 "3 

lis 



fe * SB'S 

§ ft° S-23 
a cs 30 ^ 

IJ8JS 

•"-"■^313 

, o)-- 1 jj ta 
Si fc a)^ 3 o 

1 3 § ^ 

> ft ^? 0) o • 

01 ? CO °X! 

cS to -u .h 

o u 



sjfiISi 



U <S '3 co cd*3 



>> 23 * fc 
« 3J5 O 



to 0) 



>> 01 

SI 



.-a 

J c 



'5=Q< 



s-, . C"c3 to 

E-i 3 o a ^ >> 

» OT3 « fi ° 

g 3 oj m >, 

a T3 -o .ts o 8 
■k <" Kr a >> 

^ * 3 S ° 

o .5 § ft 



c^-O bo 
O 3 3 
-^ B-3 

30C 
o f u 



co 5 



CO o 

33 

« !-. o> 
Si O T3 

8. ^1 

B £ 6 
S fe 5 to 



«tH CO 



> bo o) B 
3 3 2 
33 E 3 
co 3 3 



O 3 *- -y x ^ 3 
3 * S ^So 

t|? c O 3 ° 

&Sbo.§£iS 



s " 3 

' c •§ s 

e a> > <B 

gS B 
>J 00 



co S •■« 01 O .3! 
£ g 3 .-3 t> 3 
ft n^3 , 45 



o^|l- 
"^S^- S .2 



o 3 C- 
S^h CD 



<3t3 



S 2 



^J 



££ 






£l 




a 


c 


ri 


CD 


^ 


CD 



§* CD 



■& 



■2 . 
51 



> 

O 
PS 
fa 

X 
< 

fa 

s 
o 

z 

p 
e 



£1 

3 a> 



a *Sg!fti 

§** 5 ^ .2 ' u 2 
J co.S-fl gj3 o 

g.-p s.s a -J 



11 



o> 



-w a 



£y 

I fl -2 

~!s'e u 

^ O w 

tan -+J 
CO 

5 ¥ «> 

T^ > CD 



■8< 



5 * 

6,2 



■«] * 



■a I 

CD 43 

fH n-l 



-O CB 
C 
C8 jo 



'55 E 
42 s- 



tt-H *3 -M 



CIS CD 

o> xi 

s a 

"3 «! 



cfl B 
'o * 

cd .t; 

ft G 
co S 
O 33 

£^ 

I fl 

g | 

i"3 

E* CD 

^c • 

^% 

Jifl o 
axi 
cs ca 



a 2.2 fl %i~ 

£43-3 ca cshs 
ft" 1 ^ 3 y ■** -w 

cS ca ^ 243 " 

ft o - 5-3 

CO Si <-<_3 > fl 

111 1 !? 

§ .a 8 ft fa 

S i-H -rt - rt en o 

> £ ? oj.a o 



3«X 
^ c«-i -*^ 



I P, Jh"3 





CO 

C 

o 


cS 

o 


.&« 


CI 


■a 


-C CD 
cu 




•3 "3 


o 

c> 


-C 


e a 




en 



e 1 1| 



0) J cj co J. or! i" 1 * fi i 
bp| 



» car ftra 

■g © ^.a &-a«-c -s u$ 

o *> 8 coc™Kflr8cDO , 5 
S-tf-ij-^fcccfts-i-^oi-rt -w 

. tn M !+ - co^ <u ft.al^^|> 
l§.a«§ .b-slSS-l 



<s Si 

HO CD T3 

3.3 co 



co ■ cS Jh CD 
<D 2 t3 



CD 



3 >» 

- ^2 

« eg ® 

O U CD 

+j CD bC 

co -C „ 

O .-£> co 

m S « 
0) „ O 



d ¥ & 
u o 5 



C8-S5 



<D 



CS, 



F— < a £ 

I C 3 

a d c 
i. to s 

CU CD 

e t* S 

bo (o 
« c o> 
^.2> . 

^T ■« fi CD 
33 ^^ cj 



•S'SZ 



CS.S 

i 



O 

CS CD 
co a) -3 
cSxl « 

■*h oO 



o> C 
+3 >> ° 

01 

£-5 C 



aoft 3 s ^ 

* o ■ » .2 

q^i c.a-ci 



P 2 c 



S O f*H 

O CD' 

p^3 3 
W< CD O 

^ o fl 



xn 
^§ 

C CS 



c5 


G 

o 


cS 




o 


C 




CS 


CS 




-C 










tfl 




CD 


c 




F 


CI) 


43 


< 


>1 

CS 


043 



CS' 



P » fe 



>< CD O 

532 



efl ea 2 
T3 £ B 

3 a c 

s a a 

fl) w*h 

s a 
•o<.a 

.So* . 

►7 ° CO 
><i CD 

S ».5'-s 

^3 ** ca o 
c c^j: 
3- 1 SIh 

O cq > 3 

o ca ca ca 



T3 _, ca^i 43^3 

T3 cd O .3 ". 

co 8 ca'O'TJ fl 
e J-o co oi c ca 
o o;fl ^ o -u 

•2 aS.^5-js 

§ B ^^ M S co 
C fl Q ^ £^^ 
S cd ij tS o^3 

5_ % CO o 

5 ^ CD ^ -M m 

i«l«"^fl 

■Sfl * CD * O 

3 fl P .- to »•« 

O-S « 2 2.2 "3 

^^ CO >>" m « 

CJj ft . . ^ 



cd s- -m -S . 

CO CO >>" m 5 >> 

JH-&J-; CD -3 ft 

o 43 P. J3 3 c ft 

<H co ft-tJ c8 i— i ca 



8.53 



s^ 



CO 


•« 


K 


K 


U 


u 


O, 


~ 


H 


B 




CS 




%J 


i 


I s 


£ 


e 



■C ft, 

"§5 



cu cu 

^ 5.2 



§ 



X 



ftJ2 



38 



M P cd 2 3 

50 o x o^ 
2 c uj^'aj 



JJ S 



g -3 



S p-9 

3 bo 3 



s ° 






,333 

-£ ^ O ' 



ffi K> 3 O 



ffi 3 
3 
CD 

,3t3 



CD,^ 
T3 & 
3 



ftTS'B.S 
cd x >^ 
a> ca _. 

to ^+3 S a) fi 

3 - "S fl .5 TJ 

£3 g ft £ a) 
,g'3 6 9 a 73 

8-K «> 2 3.T? 



5 2 ^^ 2 <a 



c< 

— >*> 3 

cd _o « 

S c i» s 
ft a>-3 o 

x m gft 

<gft 

® **> 2 
^ S 5s 
5tj "£ 
a a) ft 

g £ « 2 
H 3 :S S 

S £ ■£ o s 

'3"S 3 — 



rid) : 
» H «) 

2£ s 

3 * 
-° S'Q 
o cd 

1 cd ■rt > 

3 » | - 1 -S -^ 3 -2 r 

o ^ •»-» 

22 



>1» 
ft-fl 


CD 


03 


ft 

03 


In 


„ 


CD 






3 


c 


O 


s 








cd 




-d 




03 



a 


03 0) 



6 to .3 

■h ffl h » 

as ar rf 

£ » >>s 
s 5 2 
T a> ft'-C 

-s 2 a ° 

01 o <u -5 



2 g2i 
E -3 tn j 

8 fa c : 



c cd cd 

32 S S 

-g o o 

£.3.3 



■si*' 



to 

£8.3 

ft bX)-O r 



T3.5 2 * ® 2 i 
e-S.-Sj: ft ft § 
n © e *> * (o 3 
3 ,3 o-m <u e c 
S*> 3 3 a, o-~ 
<d d . <u CD—, to 

o-O X a CD O 
„ _Q 0) ,2.-3 ^ 

3^-2 »a«JM 
O- -3 ,3 3 OT3 

2 t3 +3 +» a) x o) 

3 £ o _ „, CD -£ 



0) J. to -p to O 
C..-J3 ft-- « 

■" O CO O J5 

s-. feT 

CD 
-3 

o 2 



s ^1l 



PS ° 



|°2« 
Jg&J 

CD g-3 
-3 0,3 ^ 
"^ » g O 

««J3 P cp 

0+J ^ A 



CD 2 o 

^ >^-^^ >>.3 

"a; 3 cd ^"^ S'ff 

2 03 CD g ™ 

-u > 3 CO to +j 



"-2 I fc.ffl'S ■ 

to h k< »1S csSr 5 cj o 
cb aim*' >2 X u o 



CD CD 

^S a.2g 

>>- Q .lHt2'3 

-§^»^§ 

ft CD 2 3 

g £-3 3^:5 

1111 Si 
£ SdtjCS 



Mt fl J 

+> CD^ 2"^ 
3 3 ££ 



2^ o & ft 

■S|||ft 

33 2 be* 



bpi'3 " to 

H fl jj to CD- 

^° § g 

ft C'3^ 

CD 5s CD 

o 8 3 fc 

to c o O 



S,« 



to ^3 0)C?Ch * 

43 n-p 3 

T3 cd-° cj2 3-3 



u cd ® i cd s^ 1 *; b 



CD 



51 to 



S£>° 3 S 
S^ -T3 CD 

ft o h *! 

-- be 03 
t„J3 CD ss -3 

•> 3 O CD 

H O ° 2 ° 
CD -5 3 

C 3 -.2-3 

22 3 3 

<; CD 3 3 p. 

^8-2- "3 



O to 

3 

to CD 

cd a, 
9 X 
g * 

ftT3 
X 3 
CD 3 



.3= S-"* 3 ^ 

x « ™ ,„ » 
3 S -3 £ 

^^ 2 5 3 

.. CD 3 CD ^3 

$^ 5 8 g'cD 

oiB^CDOSCDft 
CO to to 



ft O 



ft o 
8-9 



bo. 



3 

CD CD .2 
CO CD -J3 t 
3 >»3 



» in i 
, o to C 
Hg 3 gi 

3 OQ3 
i O o 

!(!.." 

2 3 g cd 

3 to O^ 

o s- 

j b-p 



ui O o o 



3^ 3 " 
81^3 
-§^ft°-2 

cd -3 '3 « 2 

■5 S-S 5-5 

+* 3 g CD CD 



c to e ji 

O CD >> O 

"^ ft 3 

2-5^3 

g'S^.s 

2-rt ®J3 

- 1 CD-^^ 
to * _ ni 

feL-S-S g S § § 



3 



p,„2 « w— . * 



i:^ ft CD 
_ 3 >> CD 

9S>S.8S 



3 S--I . 



o >> -h h 



cd C 3 
to CD +J 



'<M >H 



3 ft 



t, CD 03 8 tg^" 1 
33 3 3 u cd 

O « M^ O CD JD to 

0) 3 tHOJfi B3 

ft CJ 3T3 CD CD ,13 



to bl) to 

g £ s 

o a,^ aTftg 

■g 2 ° 
3JC cd 
ft-^ 3 

*3 § 

'Suji 
. .®r3 

', cd S 5 -^ 

3 to O 



bc3 



X! _ 



ft s- X 
3 3 



to 3 



a^^l 



CD +-> CD 3 O 

s 3^ a » 
.2 6-si S 



2 2 8 « ,- 



CD c 2 
to CB ,g 



X to .ti 
CD CD 
to x 

« S a 

to !T ? 



r- & CD 

.5 x £ 



e 

1 *J3 



CD ,53 

S-il 8: 






■5 c 

„ XI 



O CO 

£ a>S°. 

_CD,-,a> 

aj cd „ 

■S X.-H 

a a . 
"OH £> 

Et^ CO 0> 

* a ™ 

Oh O 



f_3 -IH CO " 



•a«g 8.2 

b 8 g.-s 
"S a a > 

co CO . „+■* 



•«h bJD ^ m o 

*, "3 -° vd *■< 
|lil«2 

W oj g C 

0,^8-3 

s- o ° a 

ul? S CD CD 

— - a5 s.S ^ 

>rt S m rt s 
35 g CD £ 

o a.*S co 





a 







a 


a 


CO 

3 


en 


X! 


C 




O 


CUTS 


>> 




"S, 

a 


O 



a «s b* 

_,'o' t £ c0.3 

i 3a>-2: 

"3 "SI'S 8 
•SSg^a* 

.-a S a-K 

T3 CO B.O 

g_ « h^ 



x:<s 



bq of 



u^i g 



3cs -f 



S- 03 






Pd 



• 3 CD 

OlXl 



S>>> 



CD XI 



BfH 



"a 



^ 00 

Q 1—1 

a) ^ 

^"" cDt*3 
a as 



£q 



I 3 

-§3 






S"3 

■43 0) 
b D. 

» a 



S3 
cd o 

u cd 



JO 
-B « 

h a 



05 & 



a; C 



-2 c 

be 



£10 



?— CO 3 DD--" 
*= > ft* *- « B 

■"O o t" .dBfi 

.2 1-1 ' rt S MO S 

£<;^i >>.3 c i3 

cs 2 _, oi 01 >"> 
.3 * 22 ».-s o 

en 01 S h > "** 



0-3 OIO T3 



COO 
W ^3 

■art 



■ CO f— I to 

,-2-a^-' 

1 ^ CO 

m, o «_n 
a IS 
ex! aj 



CM 01 C 

W g-X3 






M, 



6 ax 

°a| 

C to ~-< 



a Bis 
a 3^: 



-S °t?o 



3 ■ .•" 



gCM 5= 



33a 
owe— 

a 8^^ 

co cuxi o 



« c a 

3 "" CO 

>3-a 

a^i! 
M 3-3 



-a 
c 

CO 


be co 

n a 






, , 


a <n 
htixi 


CO 


3H 




ft ^ 

a co 


O 


CO CD 


ft 


>> 



S c 

'O CD 

a ^ 

cO^j 

—.a 

CO *o 

3 co 

E bo 

^.a 

b-3 

a a> 

* ft 

* a 

.0 o 



s©- c »'S's «i a 

"co^^^^-si 

o u r2 oi t *" -2 O 

oS.S-hO^M 

«r® a a fO o 



fa ® 



■6 a .SP ° oi 

■ h! " h co_ a 



a "S cd to ft co .2 
8 5fc gggS 

^°^S o>3 a 
So* J3 S S 



co 32 a 
-3 8*fa 



CO -r" r 



-_, ^x! ft co a co 
% co a -o c »< 

i-3 X S CD-3 CD— 1 



■a x 5 s 

* "e •- s^ 
|| g| 

££l!g^ 



CO 

a 
E 

CO 

U 



O 



u 



co d S'Si< 
a>xi o.<Ui-i 
bog J^-aH 

5 S * fi 
5^3 <u § 0) 
,3 j. >h .2 o> 

_. B s ca ^- 

*S "t^ B cd 
g 3 ft - - 1 -is 

fi Sh CD , 

.a i) tj « 

CD Cu 3 ID +» 

6o.2.3g 
-Q g 3 ca ai 

XI^X) <u 

< cd .2 £> g -2 
j3 at ^i - d 2 

■X3 to Oi C -Q 



bo CD i A boeo 

•S g s |.g ^ 

^§^° 

fe 2 -lS 3 xi o) 

— 1 rrH CD -H~1 

■^ S gxl C^ 

gS o>.2 >*£ 

<S ft g SniO O 

a> g-B* 3 - 1 *' 
3 o u-y to 

' "S. 2 fi 

CO, 



CO -H -S 



§ 3 g m Q S 

J3 iC iS-S ? 

b -2 _ t30§ » 

§ 3 13 g 5 o r . 

X, ft Sh •« 3 S° 

^ B fl 3 shx! $ 

O O O -W-Q >-> 



box) +5 O O 

go -3 -S 

m u So) 
a> ^ „ -2 o . 

g « ^ w 

Jo g S §3 °. 

•j.sp-st 




bpSH<CD >>xl bo 

^£§\2S 

P* ' -i. to 

ca -^ -g to£> . 

— ' -.5 s u o) 
-e S o~S s 2 

3 O ft S Oi fl • 

a-chxi 3 p ca £ 

CD «h O Q, Cfl « 

fi * - ..:2;3 a> 

b » g vh ^ o > 

r S r . « oi to aj o 

; • O ™ O 

^, o, to £; ^ 10 -C 



ass 8^> 

Q 03 05 Oh tO 

< -^ b|o 

St, e 
cars he to 

>,2JJ-8.-S 

o> -a ^ to 
o< b B °i 
2 3 * S <o to 

o o 



§ 



bB 






bo 



mot i.S > 
^^ o3r2 fi © 



0,0 >>B.a. 



QQ oi 1 *- 1 . 
<d M 5P^ $oo 
eai-H 



„ Mfe to » 



_ca «^ ju ca g 

"3< to .2 to *i 

s-.cfl2 to o.3 

.2 - I ^-8 a 

al lii 

H o ou to ,„ <S 

< o> co o>23^ 

U CO !h Q c 

Oh ca OhH.b 



-S fe,07i B45 

•S §^ § g.SP 
2 o>t3 -^ ^ ca 

Oh bC-S ri OJ h 

5P bo S.o o 

Q^^ CO.™ bB 

•^ ca o o^.g 
ri m oj3 2-S 

h cj to B £ 0) . 
Oi H^l « S ° co 

.. 0) o ., w 

gt &^- S-| I 

B rt £ B aj g 
3 c8 U caT3 -3 



■oS-S-SOh™; 

-SSS ca'=^ { 

B 



tc .5 to ca i cd ca j 

-H o s a >■ h 

O 3 . m - 3 .3 co ■' 



' ^ to CD 

B CD rH 

B .§B° I 

bo CD 
^T3-B.B' 
2 S S- 



S 5.J-I u fe q 



to Jg 



m o) g 
Q >>£ 

_e rt S e a) • 

^5 3 |"BB 

Oh S ■** O 

*- 3 g 

"\ m 0) 



*- 3 g-rj 01 b, 

Oi -fi 8. S ° 

M .2 -o 



tj^co ^j 'So cd g 

„-wfi^ S 3 

§».SPo2 . 

■S 5 <i) « s 

ca cd +j 4j c 



3 ti « 
^ CD bo 

£"S a "3 

c3_,0 i 

■IS ' a 

CO . to 

febo^g) 

S' c 2-3 

S-C +J -a 
o a) "S 
o cas ? 

U<«(5 to 



'3 bo_to 

T3 •'h o 

S-~ to 3.2 
i3 3 > 
03 3 Eh 

g >>S m : 

^S-2"2 

*«.:. 

S.B 3 a; 
j? to o H 

tn to +» 

v£ bficD 

Oh rj >( 

Jh Ss^i 



> cffi'S 

hjcS Bi 

ca o ca r 



° s s « ffi. a 



c3 a co cd 

.3 -*- >» co S 

o »f ca ib 



§3J 



i b y 



ca 



-O ~ S ° Oh - 

72 d Ohjj to 
3 ^o-S_ a; 
a or g 2 la ,2 

«-3 _7co g«a 

<! " St) b"° 

5 e n* I * 
b>.+3 o S "> 3 

-^ m x o,^ 9 

Sh to X) - ■— 

CD 0) CD-S 3 „, 

a— 2 S o-2 
o -a ca c 2^3 

CUX! _» M 2 

..oSQ«;E 



B O K 
tS bo£ 

o 3 .3 O 
ca B B 
Oh ca^3 aT 

sag| 



CD 0>"3 

C873 -M -u 

! - - B B-3 

bO'g CD bo 

i .3 > Sh ^ 

fi , a> j- 
■1 o a » 

og 

gas* 3 

5^ to g 1 
S C- rt -B 

3 ca P 



§ 



ca in b £ g 

,- CD o> CD fi 

°«| ca^.h 
ca Onfi o'S 



B T3-3 
-gtj oTE 

2^c=fiS 

i3.SiB>> 



ca S Oh.2 o 

3, X! °S co C 

- ^ ^-^ ^^ rH 



to CJ, 

0)5 o 
to ca fi 



u 



QJ 



-G- 3 to " 
-"CO © 3CC 

i?0 cd =?0 



; b1 i 



OhpiOK u 2 



ca 

cd ca t3 

fe fi 3 



Sec 



o > 



M CDhh_q- 

° 3 3 

r^^ S' fi 

I D -.rj <h n, 

; C-o 



ca to 
ca 



3 C 



p^ffi _^ o 

q«gx)-£ 

<C m^ CD to 
^ oO_3 to 

uo o,< 



T3 2 a> o e 
ap-Q^fi " 3 

^=3a»a 

» > 2 2r^ 



tn33 be 

CO CJ'3 

a,a> ca 

Mjj 10 

a3_S 
IB" 
K> 
O Ong 
<o-g 

CM " 
biCN.-tB 

$5 CO 

CO grg 
CD O 

> a> is 

8 "3 S 2 
S cr >> 
?-c a) o)_„ 

-S c u 

C/5T3-2 g> 

ft? o S 5 

Cj-3-fi . 

Otu boS 

3C.5 



a," bOO 1, 
B 3 S3 o 

a> '5 ^ jj 
'3 § o ? 



to ca S o 

a> Sx, to 

to trt +j i, 

3x) 5 o> ca 

fi CD 

C >, 
CDLO 



CD 



CD 



3 3.2^ > 

" 3 X) J2 „ 
O, O CD 

i)g-BMC 

o .B ■ 

CO O ' ' 



ca 



S.S 



U3-3 






S£ 



o. aj 

3 o ' 



ca cd 0.-3 



>,C8 > S 5 " 

v a '3 S cd 

^2 <^13 o 

O CD.CO-O _ 
c8 J3 cd 

B T3 bOfi 
*3 ° fi-3 
fi" 0, 5"3 _ 

O tD .3 Jh 

■co-3 B« co 

C-3 2 3 n 

o 3 E v S 

»jC to a -3 

g 3 -3 

co o ' rf 9g " 

3 sh -a c& s 

G"3 § I 

DS g Sh O • 

^j o ca c >v 



§-2 c0 ' 



H 0<H 

-"St 

5 ca 

- 1 -U Sh 



1? >>cin 

bo B 

c ca'S 



+-> g ca 
< o> ca 



^73-a 



25 

<D 
Oh bo 

c 

LO rfi 
r-H O 

i.eo'^ 

CO 
T3 - 



^ E * 

^-S'S to 0) >> 

y Oh^ 3 J3 s- 



Sh fcj £ «h3 

S =« fttoE-" 

O B ^W'TJ 

^33t^g 
D0T3 ca o ° 

ODhO u 

__ >> ca 3 ~ 

T3 Sh .3 j, 

£ S bobog 
ca o 3 be CD 

Sh o-r O fi 

« a;^ m _S 

m Sh Ch~ to 

ca to 2 

to S 



^o^S-2 



ca_ 
^ cd o fa 

0) o 



* .5 



oi fl B a) o 

T3 E E b0S 

B CD Sh C8 IS 

D to j3 c . 



co-3 oc2"o caK 



fi b _L B to 

,J43^ gxi to .. 
a) ca ,5 - cd 2 -i< 

M OhSh3-2 « „ 
^Q * to S|bb 

X) to 3h*j-3 2-2 
c 2h-, fi -^ -3 

- 1 CO O Sh Sh 

CO CD E 2 2 B 

co to — _2 o ca 
to Sa»o h 
ca b ^ -'^ b^ ca 

o iT g 2 ■? w 

_, "° 03 -S 3<-5 C 
fi CD S CO -w g 
O coQ >^co u 2 

•- ca<j co ca « E 

'to bp<; -a to - 
2±>S a; -3 0)^5 
-2B3 =5^o^-g 



x>'2.S os *£& 
gg^-gOH-S? 
"co^2o 2 

W Sh CO EtO X3 

Pea 3 -,- 1 .— i to 
O Sh _ 

^ CO _g> Oh-- tT 

3 «t- js-a 5f 
ca „ 2 2-S 

^ to to g • to 

** a) -5 ™ a> «r 
sh-2"s a) to 2 

^H tO Sh 2 

3<h ® o 3 

O O ^ Sh (H ca . 
*- "i rk to 

On J ^ rj c 5 ~< 

« CD g'S-2 Sf g. 
Q „ CD 3 OO 

^^ >.§°^ ^ 

s. hh -3 - J3 '3 O ¥ 
CU Tp CD C3 T3 O 

c5? c -3 § 3 "3 ® 

^"S M§.2 § g 

O.S o-^ cjS 



J co ' -3 bco 
S.T3 S 3-3 S- 

ft 2 a3 373 o 

£ bo O CD „ 
-3 M fi-rx) 2 

Sh o Qh u "3 

a) „, Sh -3 

Eh s-_ $ a> bo 

■S+3 3 OhO Jh 

fiosj ^to 1 

« ca g-2 
_* _. S bo^ bo 
-3.3 § B_§ C 
<!— .'Ioh3^3 

six) 2 §.-a 
is- s "2 3 ® 

^O Phj o 3 to 

.^fiJS*- 3 ca fi 

iO T3 ca JhX! 2 

^! C8 Sh 43 ca CD 

-£> Sh O CO -Q >-, 



•C h-3 

.a cd -3 
% " 

Sh CaQ hQ 

a) a)<j< m 

ft J*,* 1 * -2 bo c 



E E 3 • 
oiS 2 



>» o 



2 3 Sh 

-3 1 ) 



-3 S 



tsoo to 
o a> 

3 °"S 

3-y ^ 

Ph gx! 

.. S fi 

Srs to 

"^ b 

aK »- 
^Q 2 

"i^ c 



0) o 
"3X1 - 

fi 2 



3 3 2'3 



CDXlo 
h3"3lo o 

o ErH " 

.«-2bo 

SQ3.S 

~ Jt) 
3 cd ^3 



2 BS 

3 S..SP 



3 & 



2-3 



S'3 2' 



3 




>, 




C3 
-Q 


0) 


3 


ft 

o 




U3 


B 


g « 

a -3 




Sh 

Cu 
> 










•- 


>5 


CD 

Sh 

o 

s 


3 

"o 


Cu 
3 




3 


T3 


-fi 



S 


Cfl 


o 


Sh 


^3 


0) 


ca 




u 

0) 
Sh 


o 
u 


ft 




CD 




P 





£ 2 



"3s 



01 


►, 




Ph 


0) 






a 




a 


o 

Sh 


to 




ftcrt 








jfr 


cfl 


>> 


k 


0>O 








* 


i- 


Sh 


s. 


cfl 


cu 


o 


cu 


> 




>>o 


a 


as 





K 


■— i 


e 


k 


X) 




a 




4-> 


*> 


as 


X 



«jj to —3 ft 

-2 ft3 §. 
a .^ 

'o to S c' 
2 s- O.S 

0^8 

Q „ ° to 

ft3 <°o 
OX! eu 3 



-U = Sh 

jo to n< 3 , 



On* Sh 
B_,-3 o 

B cu B 
_h >/«- 

8 2 a "B 

2 Cfl n,T3 
2 P to 
8 H g 

-H O o 

acS to 

B cfl 2X1 
Sh shX o 



>38 



cfl co co 



"8 * ! - 1 



as bo m 2 2 
8. 



.a c-> cu 
o S ft ' 
fti-i 



Qo-o- 
<!cni o - 

Ph t3 






8 bofc 



^» US 

+j a) cu c 

cfl > T3X! 



.a a " -£■§ 

S_ CU -£ >-, CO 

•r 1 cfl.J2 , r~> 

t,.*^ be S _,.5<m 

& a) 55 S-"3 a) 
Q, rt 3.S--S a £ 
!: sx .B T3 - 

t^c^ B_g ftcu — 

8 a § 3 S S.'S 

c3,2 3 CM to 



to o>-9 „5 « tit 

±i -i3 cfl to ^ o -3 



ft 
-d 


a.8 
- o 


a 


8 




c, 


« 


Cti ft-I 




Q 


- 4 - 1 


< 


o 


tl 



Sh ^ O (h Cfl 



ft_tO (a) 



CS O' 



d 2 £ £ 



0> ^5 J3 T3 W -Th g c3 

ft^, 3 0) C .°, cS 
P"5X3 S 1- ' ^^ ^> 

Q.X! Sh HUJJlO 

°OCN^ fla CD bpfH 



-o oi 



^r* O. /i\ H T3 i-i-t "H 



o^§3 
to O o g:9 

"B -S Sh 

C co to +J 

"3 J >w23 

hHCB^ Bl O 

^°° 43 w 

13 8 cu 3-rj 

•g 2573 8 

P is "S c to 

-PS * 

ft-M 8 C rj 

Cl,hO g 33 

J I s 8 nf 

G^88 2 

■S.S.S3 



"-5 d . 

c2^^ 

g.a=o 

■rt '*h s- 
15^2 o> 

x> " S 

5 Oj O 

Sh -d ^ 



CO cj -7: 
CO Sh X! 

tl»tn 



Sh"-' t>D 

x1t3.3 
&2xi 

■B 3 
S "S'r? 
-u A to 



ft 




> 


-a 





8 


X! 




CD 

n 


Ph 






P 


CO 


£ 



-p ^o CO 

^ ^ to 

•i. to 
pr> Sh to 
■g CO — 



p_i CO ^j 



, , 


0) to 


CD 


ft H 




O CO 




Sh 01 


O 


ft >> 



S. ft CO Sh % Sh 3* 

X 3^ g-j3 ft-2 

«i 2"t3 O 0_ q 

_ CO (H o. o o +j 



r ft to 

Sh ^^-fH 

to to 8 

Ol to 

a J 



T3 



Sh Sh -4J 



P, «xi S 

a Sh CO 2 S 

co^ > g >^ 
>i+h 8n eu § 

•s 5 » 2 -^ 



02 co-O g to to S.SP 

QH+HHH.S^3 CU-O rrt 

Oxj gx-a £ a™ 

03 C -u CO CO O -M 



Sim -" 13 
--3 eu S bo 

4)2S CO 
Sh CJ Sh 

eu -^ 

cObb-S ■ 

si.a^ o 

1 " 3 

en 3 u k . 
h op 5P 

PS 

„•• Ot-H to 



(U-g 

ft-fi 



^^la^" 

peS.So.s- 
O 3 g S 

-P eu co o 






a 3 bo o 
cs o a a . 

Sfft^i co cfl 

.a 8 3^= $ 

■3 O g ,_, 

P3 t* '8 Sh 

cS'O-a « 

■ . MH rt ^ -~H h^ 



*?"— ' to 
tu O 
P" bo 

*S| 

^* CO 

a bbaT 

v-a a co 

^ 3X1 « 
o'co eu 
XX >^ 



eu— - cu 

.5 M-s.a 



Sj 01 o ShX 

g, Sh j- eu bo 

P ft - 3 
fcX) CO S 

~-t> 2 t- CO 

*~ co ^.22 

I. CO g> rt 

8i<>. 



bo 



»^12 co 



a , ^ 

O K 

.- CU 

CO co 

4) « 

Sh ~ 
ft =» 

CO K 

■o s 

■o ® 



CO co 



"3 
to 

O 

& 
o 
u 

B< 

CO 

*C 
ea 
£ 

s- 

"3 
js 
O 


(b) Conform fixed limitations so that the 
price range of affected cars is unchanged. 
Clarify that the fixed limitations apply to 
all deductions claimed for depreciation of 
automobiles, not just recovery deductions. 

(c) Same as President's proposal. 

(d) No provision (but see XVI.C.2., below). 


(a) Same as House bill, except all tax- 
exempt bond financed property would be 
depreciated under the method for property 
that is leased to a tax-exempt entity. Tax- 
payers would be permitted to elect to recov- 
er costs using the straight-line method over 
the ACRS recovery period, in lieu of ACRS. 

(b) Same as House bill. 

(c) Same as House bill. 


s 

V 

CO 

3 
O 
W 


(b) Same as President's proposal. 

(c) Same as President's proposal. 

(d) Low-income housing is defined as a 
project where either 20% of tenants have 
incomes equal to 70% or less of median 
gross income, or 25% of tenants have in- 
comes equal to 80% or less of median gross 
income. Very low-income housing is de- 
fined as a project where 40% of tenants 
have income equal to 60% or less of median 
gross income. 


(a) Depreciation deductions would be 
computed under the method that is used 
under present law for property that is 
leased to a tax-exempt entity, which is gen- 
erally straight-line over the ADR midpoint 
life. This method could be elected by a tax- 
payer for property otherwise eligible for in- 
centive depreciation, on a class-by-class, 
year-by-year basis. Tax-exempt bond fi- 
nanced property, other than low-income 
housing, is depreciated using the straight- 
line method over the next longest IDS class 
(40 years for real property). 

(b) Provide Presidential authority to 
deny accelerated depreciation to property 
produced abroad, similar to present-law 
rules applicable to the investment tax 
credit. 

(c) Property launched by a U.S. person 
from the United States and used in outer 
space would not be treated as foreign use 
property. 


"3 

CO 

O 

a 

o 

J" 

c 

CU 

h 
CU 


(b) Retain present law. 

(c) Treasury would monitor and analyze 
actual experience with all tangible depre- 
ciable assets so that changes could be made, 
made. 

(d) No provision. 


(a) A system intended to allow deprecia- 
tion deductions that approximate the as- 
sumed decline in an asset's value would 
apply. Although no specific system is rec- 
ommended the Administration proposal in- 
dicates that the depreciation system set 
forth in the 1984 Treasury report ("RCRS") 
would serve as the model. Under RCRS, 
the inflation-adjusted basis of property 
would be recovered over periods ranging 
from 5 years for short-lived property to 63 
years for real property. 

(b) No provision. 

(c) No provision. 


03 
J 

C 
CU 

CO 

cu 
t-i 

cu 


(b) Recovery deductions for automobiles 
are subject to the following dollar limita- 
tions: $3,200 for the first recovery year; 
4,800 for each succeeding taxable year in 
the recovery period. 

(c) Under ACRS, recovery periods are 
fixed. 

(d) Low-income housing generally is de- 
fined in relation to HUD programs. One 
rule defines low-income housing as a 
project where 85% of tenants are eligible 
for, but do not necessarily receive, Section 
8 subsidies. Presently Section 8 eligibility 
is defined as families whose income is 50% 
or less of area median income, adjusted for 
family size. 


(a) ACRS deductions are reduced for 
property that is (1) used predominantly 
outside the United States, (2) leased to a 
tax-exempt entity, or (3) financed with in- 
dustrial development bonds the interest on 
which is exempt from tax. Different depre- 
ciation methods are also used for purposes 
of (1) computing earnings and profits of a 
domestic corporation, and (2) applying the 
minimum tax provisions. Taxpayers can 
elect to use the straight-line method over 
the applicable ACRS recovery period (or 
over a longer recovery period) with respect 
to one or more classes of ACRS property 
placed in service during a taxpable year. 

(h) There is Presidential authority to 
deny the investment tax credit, but not ac- 
celerated depreciation. 

(c) No provision. 


E 

cu 


/. Accelerated depreciation (cont.) 

b. Luxury cars 

c. Changes in classification 

d Definition of low-income 
housing 


2. Alternative cost recovery 
system 

a. In general 

b. Property predominantly of 
foreign origin 

c. Property used in outer 
space 



Eh 
3 
3 

w 
< 

Eh 

H 
Z 

a 

Eh 
03 

W 

Q 
Z 
<! 

§ 

w 

Eh 
02 

(* 

cc 

S 

O 

H 
CO 

o 

Q 
W 

<! 

M 
W 
J 

w 
o 



4) (h Sh 

Sh m cd.o 

3 8 b"- 
°°gfi8 

te O *-i 

3 - j3 a 

Cfl CO rrt 3 

■"..2 c 8 

4J .3 X 

S- O 



»|S 

a3d £ g 
ft< w-43 
2 b t3 
ft £"",?, 
* g a 

fcl O m 0) 



0,3 c «> * a 

* »■;■;:* 

to o>£<2 * 
u-E .-13 ca 
9^ au 3 

s » .a s- s 

o g ft c 

r! B En Cfl cfl 

2&- S ^2 
+3 co-d_g fe 
* b ® a q, 

pH CO n s ^ 

O cfl .S B K . 

+3 a 3 g.g 

fi 3 to -J3-3 
3 3 9 2 « 

S-H BxJ'S 
3 § B cfl © 

33 s- cfl g R 

3 CD CD g 2 



ft„£5 Bftft >i+3 



CD ' ShIO CO 

CO f^ ^* t*-t ^j 

CD_i O CD 

to Cm CO 

3 8 to to 

.20 3 8 * 

-3 CD o - 

u _; !h 3 B 

-goB** 

p — '13 Ofl 

««s I * 8 
9s cB g » 

S 8c^2 ■ 
3 £.2 §3 8 

'"eye »'E 
wj--^ cafe 

S3 Sh"B B.g S 
.3 a> o-S 3^ 

CD 33 -U „_ 
PQ bO 3 

X! s£ 3 



S>3 
CD CD 
O o 



+J to 

Ql --H 

to tg 

CO CO . 

cox B 
c-d-2 

b ?c 

cfl > e 
CD o-S 

^*g 

5 3 "j 

CD to 3 

eo^ g 

a, CD B 

JK CO ft 

■^ CO 3 

5a| 

g.a CO 

'« Si CD 
CD d"3 

.2 £ 



o cO -S 
0*3 . 

CD -H 

22 S 3 

"^ ft CO 

tn^g 
CD .-• 
ft ^i ^ 
O CDT3 

S > a> 

ft <U-3 
fe CO 

£ O CD 

-S^^ d 

2 ■- ° S 

3 c 9.2 

tasS 

B to t, 

-Mi 

T!.9o 
CO -u o 




, -p a™ 

^ft a £-at 
ft rt 2 g^-2 

>-** ft CD - 

.2 b-§ c 9 

43 co ?.B >> 



-fi 8 3 



i3 ft » g-*- 
g 3 co ^g's 
,2 k _ co 5,0 

■2 st '* 





% 


t(H 


>>b 


cfl 




33 


-G 


CD 
ft 
O 
Sh 
ft 


CO 

S3 
O 


0) 
-C 




m 










S3 
O 
cfi 




CD 
S-. 
ft 


CD 




T3 






3 





■« cO 


2 


CO-H 


CD -4J 


-u 1* 


j? S3 


ft 



S3 2 


"C CD 




CJ o" 



ft? 1 ^ S3 S 



ftS 



2 ft »-S 
b j3 -s o — 

ft CD+? C^f cd 



tO >. O 



fe « 



S3 to .2 



3ft fa "5.g 

£ « « I s 8 I 

„-S ¥ B CD .2 ^ 



+" Jh 

CD 

=2 g 

3 

CD c 

3 CD ■ 

— ■ O O) 



CO 
-C-3 
+- 3 



3 ft ^-. 



CO 



J cu 
3 T3 to 
~ CD 3 
3 co .3 
■2_g to 
B-« CO 

2-3 « 
R rt co 
ft 3 co 

■si* 

g <D 
CD ^,-S 
-3 cO 

^^ 

3|1 



6S^ 



s g 



£ 




B 


CO 





■5 






rfl 








-C 






H 


CD 


3 



cfl a 



-3 3^.-A CD 
3 2^" 

CD^-J2» 
ft d CO - 



v. & 8 

to 3 CD >, 9 

<B S^ v?„2 

3>>^a 



"3 iA 
CD -3 

CJpC 



S^ o5 S-22 

CJ* ti Si >> 

to 33 += 

^ ^ ,3 ft 
0+= ca 1 " g . 

2 ^ 3 %£ 
^3 S* to cd *^ •** 

Eh"£ 2 2^ m 
— 8. S d 

ft^^^-3 



S3°6§5 

" 'to V -O 
- 3 s*> t 3 
3 o 3 5p.3 
.2,3 CO _g 

g 3 <« rQ t3 

r 1 ° ° m CD 

8.g^«a 

fiS|3 

§ S3^i g ■ 
V CO h *^ w Jh 

^5 °.a «-S 

5 _, ° m 

^1 CD 
CO r! 



a o 



CD CD 
CO^ 



® 3 

to 3 

3 >>.g cfl- rt O 

_ JJ CD 3 CD-O 

2 2*9"C 2^3 

cd S 03.5 



.2 e 

S a 
cd e 



as 



a» s h 

H cd 3 
"2 M cfl 

.213 3 

8 SI 

^ 2 co 

Cm "g 

e & CD 

•2^1 
."So 

o^ 8 

O0_CD 

CD 3 
B «, O 
O CD > 

3^^ 
Ml 

33 >>"ca . 

s&fti 



o-B 



S"^'bB„2 r£ 

«3 CD 
Cfl CD^i 



cd CD t^Sz? -^ bird ix +5 *-< ** 
S g £?0 co gcg «Jj3 cd cfl 
i3 -3 cd . , ,3 -3 +S « box cu 

-« o 3 3 5 2 « o^ 
>>"S 8° !xoSj3 t< 2 

BMgioli-BM cog" 1 



>-S ft 



3 q«.S 



a 2 § Kg 

E a? 



•£ to 

3 
CD O 



CD O 



Mm n 

gnco2B<3 3Cg322 
toS.2^ fiw^sS^g 

<? S -2H 



B-g^^-2 cfl-f >>>,| o o 

3 ^ h 3 a«w » 2 -^ b .a 

l—| to '3>,3cd'3"^ 

to-g'3-S to * CO £r 
_co9oftCDt,--3 

gS-g-cSco^Sft 

XCDCDcDCDCieDCfl. 
CD T3 ft M C " • 



>h 3 - 
ft'*- ^> 
DCS 
T3 CD CD 
2 B, 
to p 

CD H 

o 33 s- ft 



-2 3 

XI -s 

•2 >, 
3 b 
2 * 
o..g 

"3 u 



•2xi 
to S 

8 3 



B — 

b3 

•3 O 
cfl g 



- 8<D 

ft o 



J. +^ A O CD CD to 

^ 3 9 -S torn c3 

> cB B 2-2^3 
- -M T3 7I J3 Cfl A3 

.a^l^ll 

3 2 B B B ft^ 
■ofi o to 3 aj ^ 

a cd "o 3 « 5 a 

B fl'P oS «.s 
•2§ftgS;3'S 
-ft2-§«3B o 

CD.S^ 3 ^-. to 2 4> 

y >,t) ° S'-g-g 

CD f? CD CO — Cfl g 

^3 toX?- rt to c CD 
cfl tc _,.S w to 

£- §•§» S 3 

.■3 T3 .2 « 6 S >> 

^2s: 3^-e . 

Swtnftto^^ 

«ft a §3^&1 

rH (j^ W fl\ 3 M f«4 



■" ^ ft" o^ 

T3 3 CD (DXI -" 

"3 ft" 13 g to 
xi g-3^ 2 2 

^.cd 0+3 B- 15 

S » O 3.3 m 
O CD +3 fe ft 

h r] O Id i O 

ft-b 



Cfl CO T3 ' 



b£ 



CD 



ft.2 



_ CD o ^ CD 
^ CO o<ii CD 0. 

b-s ^ *H_r 

B -^ CD CD trt'B 

^SgB-g^ 

OJ-2 § &§ 3 

3 X '-4J CO to 

O fl) O Ufl 0) 

3 CD CD >h 

B8-2 K co a 



^ § > CD 

x.<o 05 
** ►.fj t 

iHf ft 

- g° B 

ja ..2 

b OT3 -3 

3 Sh O CO 

ft a 5o 

CO <U"CD 2 
8fj g ft-d 



CD 



'B Sh 



O CD CD 

B > g'tt- 
033 o 
co o • 

"H CD "3 +J 

2o^§ 
2°'3o 

^T3£S- 



ft s 0, 3 2 c 2 

O O +J ^-< *-i ft' — " M 



0-3 co 2 5P-gj 
X! 



i-a^ffa 



CD to Cfl 

° " «B3-S 
XI .3 S. 



CD +3 t3 &D 



GO '^ 



C ^ 

'3 « 



cj 



CD - — i S W P 0) CB r^< 

3 O..S; 

^— ^ 

.OT3 CD 

■S.3 



2 § 1 

h-fi c 
cb22 

to cB | 

X°* 

=3 cdX 

Q)X O 

3 hr2 

c rH 

03 



_."fi-£ 



« 3 

0) 3 

•* to 

03 CB 

cB CD 



O CD 



•rH JH ri 

« ca 
3-°2 



e co 
0.2-T3 

O q. 2 



MggiS 



3 M o 

2 5 o 

ffi c ca 

Q) QJ M 

Ee £ 

cd '"O p* 



ca gt*-. 

t | a 
S -8 " 

"■8s 

CD "^ 

x a 
•£ ca 

bO"- 1 xl 
g » ^3 

ca > 



|| £ 

03.2 o 

X £ 0) 
«£c3 
bl)2 ® 
.3 -3 <u 
"3 2X 
3"B *" 
o CD *j 
Sao 

a co 
>> ft 

xi ca cu 



•SPSS 
.13 5 § 



2® 

CO ^ 
C8 - c 

S 6 ^ g 
XI O +3 



2 in <« cd 3 >> cd >, 

iritis 



3 01 



3 3 

o co ca CD CO 



>>&*. 



©.CD .£3 

!§S 3 12 

is ; *.s a 



-a si 
*> 2 



CO o 

S\S 3 a2 

h «T3 C8 

ft u ca <d o 

ox " 






ca^a 

3 -h "TJ 
3 03 "^ 



£ c 



a>~a 



OhX co 

■a -h 
x o> 



_ -K 

si© CDO-a ftoca t< 

CD CM ><M O X CD CD 

ft&O- cd&*^3 CD-SX ft 



£2 



<2 



■A ® A 

.S>8 o 



■a «.s 

S *■< 3 

.S tin k 

— >,§ © 

ca 2 "o. 

fl _:geNi 

X ^ bflivs- 

*CD g CO 

o 0) e 



CD T3 

^T3 



M cd B ca 
ca -ux 

"°tS > 7 
> .S o 

2 >>-T 
p^ ."S _ca _g> 

^ o >- 



£ 


ft CD 


n 


iX 




u 




0J 

> 






ft 


C 






X 


01 


cu 




a; 


♦» 


0) 


-a 


















c 


cfl 


c 




CD 


o 




ft 






u 


a 


-a 

CD 


d 




T) 


i 


-a 


C 
C3 
ft 




X 


X 



S3 

CD CO 



CO u 
-u CD 
C-O' 

5 c 

6 a 

Ld C? H O 



6S M C „: 

O CD -S CD 



CD m C8 

»h ^X ? 4> 

2 cu s iXr : 

OX O a, O^ 
X_ -C Sh -"X 

132.13 2t3^ 

eg 3 feX S'g 
cd S * u c 
~ ^ »-S S o 

o S S 8 S « 
co >- X . .» 

D^ CD_>> g^ 

"co'H'cB _'X X 
O C3 !h g C8 CD 



H ca 2 ca 'j 
clX <u to g 



ca 


>< 


CO 

0) 


r O r O 


o 


T3 




c 


CD 


CO 


a 


bo 


0) 




p 
-5 1 


a 






4_J 


CO 


x 


CO 

ca 


o 
o 

cv 


o 


e 


c 
o 


CO 


X 


-a 

Cu 

-a 


o 

-a 


ta 


CO 

a 

Cu 


2 
o 


c 

C3 


> 


Cu 
CO 

C 


_cn 


Cu 

X 


^ 


_o 




a 


CO 




CO 




cu 


co 


>, 


CO 

ca 
o 


}-i 


c 




CD 


X 


ca^ 
ft a 


XX 


-o 


CD 


CD 


ca 

2 
o 


c 


O 


ft 


to 

CO 


o 

X 


Cu 


3 


"5 



^M 



ca g ox g,ca 



3 


CD 


TS 


ft 


CD 


CD 


X 


Sh 


u 

CO 


X 


CDT3 


X 




H 


o 



CD^ 
ft s- 



ss.p- 



CO ,5 

COT3 H 

ca $ +3 

S c ca 



) O O 3 -rH 

X"C-S_; cl *- 
, cofe ca2- 5 -£ 

2 ft S S CD « , 



gx ca <u 
•S *xx 

& S^ o 
o «-g u 

>i ci * a a 

0»B1 ■ 
"" — X^ 3 
^— 't3 cu 

S 2 <u ^ 

C3X.-5 CD 
3-^X C 



3 CD o 



1 *" h< !h 



= ^•2 






d 5.^ 



SCO fe 32 i CD 

f- 1 S 2 fe _S ca 

CD ft » 

co ° £ CB 3 b 

^|5^X>" 
ca S^-e « fe 

r 1 Im "^ ca « CD 

^ rH O ft 

-^ bccoCiS 

2 *° Is "S S -2 

•C 3 3 g CD +j 

.a 



ogft 

cS a S 

- 2 & 
2 Sx 
-S ca^e 

bO CD jj 



X co^i 
CD c ^ 

CD -H • 
™ CUT) 43 

g 'o 

Sod 
S - J3 (D-d 
ca ca >h rt 

c.n s a 



ca g 



2 - a ' 



o o a cu 



CD S-i 



® s 



+J k^ CD en 

2« 



^- CO ,„ CD CO .. 

2 ca g £j).2S 



a" 3x <u 



^2 a 2 

£.5^ cd2 g 
g s-m-x p S 



13 & 

3 jj.^Sta cd 
.3 1 ^ S 

a 82 s „ 

« S 2-22^ 

HJ . 1 X , 1 H-S 



CD CU CD rH 

.^ to o CO o • 
X> >?> to fl) CD fl CO 

13 t3 xph ca o 
5 S (D 2 . m o 
to dx S-o 2 3 

..■353 O CD-C 5 

xa.^l^-2 

a>2T3-£ £c'S. 

CO ^3 — ; h- M .g O" 

* 03 2'> 2 3 y 

o.SX ?x c ca 



cd ca 

HO>« 

3 CD O 

IbI- 

a- ca 
a cd 

* 1d:5 
W to 

TJl 02 

ca ca. 



O o fi ca 



^ca&« 

CD °_ K 

'1 cd ca x 
^ X.t3 Ft- 

c3H ag 

■M . CO S-i 

co cd .a 
cu co ca ca 



S P2-B COg Li 

g-s-llasjas 

*^ a.g x q a 
i, -1 be ca "^C 

o CD-o c « T | tH 

o) a«a ca 2 • 

® O 3 01 l. ™°° 



3 ■ CO 1 1 ' 

.3 3 rH > XI , 

ca o ca jh cu 

hj CJ CD OJ 

rH 3k CO 



a &■ 



a .art. 



ic-v- 



to 5T3W *-- t H 
rn X cueo-t-2 " 
cu 53 co ««- 3 hn 

ca ^XX^^.S 
ft o c_i 00 '3 
S*o --^ cuoo g 
cao 3 ^ £55.3 ' 
^o ft I g-H-a 
"5 „, 2 S 3 2 



bt-PJ^g 

C <3 CD C 

OPrS 0> 

^i ftX 
^ a "g to -^ 
dm S CI 

|gfi^r5 
O ft CO r- -W 

•2 5? 03 cu 2 
«o» ft-° 

a 1-1 2 

^l-grSl 

-S* 2^^ 

13 fi 01J3 

ts So a -a 

.01 rrt +3 CD 

-acD-d (dX 

1 m X *" 



§2 -2 

2 a ca 
-a cd g 

CDX-rt 

T.-^ -H 

«2 b ° 

K=S co 

< 152 



.fi > 



»« 



-fi-Sfi 

^ 2 CD 

CD CO 

CO CD-- 1 
3 > V 



c8 co "55 
"S co 

a ,, co 

CD +? CO 
co 3 

cu ca M 

o co i5 

2 to 

ca Q3 

r^C O 

S3 3 § 

3 °h3 
0) o, o 

bo g O" 

03.2^ 

cB'O co 
^^ O X 

h3H 



a fi fi 



g 33 b 



03 "3 O 
co cd 'J3 
ca ox 

. ca b 

MH.h 
O ft 8 *- 



« - S 

10 ca 2 



^.£x<3 



co'X 
13 3 CD 

§«£ 



«75 5 £-3 



in C CO . 
03 3 X +3 

2'^ g-a 



gia 



3 o ca o +jhS ca 

> o to «*h X -u « 



►J 2 



S £ 49 

St- S.2* 
""gig- 

CU 



3.5 <u bD 



CI 

1'Ss.S 

a a II 

QP5-5 

<P § 0) 

5 S fa's 



-y m ~ :3 cu .aS ^ « 3 

5P co cB o> T3 

fl 3 3 £ <D 

>>-3 ~ ■ 






^ * o S a). 



55 a c3 a ft ^ 

C fll 03 IT H _, 

■*3.22gs 



-SJ3' 



ft -'S 



3 <» — 

ill 



3 „ 

3^ 






!T3«3 



s 3 



to 3 (h 



3 h'Oj 



fi*3 O k 

5fi * *h fi 

ills* 

S 2^Jj 

ft o ft+3 



3^1 s? 8 "8 



>iCtJO 



ft" -C3_g 
3 o", & 05 



o g 



CS 






."EStf J ^-e > 2 a 

a " cu 2 n "-» s^ e R J3' H 

ffl rt fc?*^ O 3 ft CU_ 



rt s 

I es 

8| 
fl 

1* 

3 a> 
— ' ft 



jS .. *-■ cd 



Il^f-a >,b o>cm $K g,« 



s s S 

-w 3 -a 

cr fl 

>>o-g 

.3 ca ? 



,ghO 



cBx> 3 

3 8 "8 

CD-T3 
--3 CU 

to to 

«S2 . 
J^g^ 

ftg:|g 

tg^SS 

™ a> cu e 

ti .3 



cd 



ca 



11 "3 

"3 " fe 

3 01 g 
U co ft 



O CO 



o cd .3 
3 S"* 3 

S9 gS 

§ s 

a> is 

o » k 

"' 3/5 



i h tfl i i, 

3 m cs ft p 

CD 0> +3 J V 

^ ,— ' to k^ ^ 

!<_ © CD 3 



ftg ei 



<*? 3 



.3 b >nt- ST .3 

rt CDCX3 3-L — 



d tl h 



v Pi i 

bOo, ^ 



CO CD ' 
5-fl-^G . 

~ ca 



rt CO 

ftjg 



o -S w CD o - 



5 J3oo 

d OS 



„ CD 



,-■3 g^i g-O 

o^c» o_c3w j, ca-a "cm *jg 

CD 
ft 2-Q 



^■o 2 a),3 

s a* 1 3 g 

ft^ >>cr§ 
peo.£> o 3 

ft t,.* ^<» 
'« o S2 

O C3 ■*-" 

'^•fi— cB 



4 5 SR ^ 4 £ 3 
fc 5^ S-S a3 be 



' =8 5 -3 oo 
ccT i J cj' - '^9io^oo 
t3-m° ^iO-g+3 a S^h 

5 ftu o a ft^^ 3 w 

^ggftig.a^ 



1--S CDH3 to 



ft 3 
__ C - CD 01 



^ w - — i ca 
ca-w— 'ggftoifc- o ^^15 2 

ta jh-h "_3 ca^ ^^^^ S ° ? 

So ni OOcatLCQiatO-CcD 

jS g^ftgeg^ >;°o'ci a ' ■ 



CO' 



p ca S; 
fa h -is 

ft CU c 



o 



a ± S 



_s «4h CD cD 



r3 °' 
355^3 o fc«w 
e ca to ca 
3 <£ ca C843 



ft CD' 



ft". 



X<J 



0"3 g 



ft5 



is"gl^&&S^-° 8 



TO ca .3 3 ft*3 is "■ o.* 



OJ c 



CU ^ w. 0> 3 ,„ CU « 

-2 3 3 O 

gSgcS 

.2 S- 

to "3 u o S S^ c 

c ca " ca o 

3 -u ft rH CD-^ 

ca u co co .3 r s S co 

■ n >h -pfl O *" 3 

o o 92 3 J-t, o 

> ft ° ■£ bb ca JS 



ki oj 



fB CO 

H 3 



g-SS 



a 3 

o ca 
a 3 


CD-" CB « 


g S 

* 

0> 

S4-H O 

0) u 

01 S 

ja o 

T3 


es similar to those 
S, taxpayers would 
inging property pi 
the effective date 
n post-effective dat 
elated parties. 


? o» 


r ru] 
ACR 
m bi 
Fore 
ertai 
ong r 


m 


(b) Unde 
s part of 
ented fro 
ervice be 
CRS by c 
ctions am 


(a) CCR 
aced in 
86. 




fti-H 


ca > cot— ) ca 



>S£ 



« P 



09 

o 
ft 
o 
u 
Oh 

CO 

~c 

£ 

Sh 

"3 

-C 

O 


_o 

■p 

o 

SH 

ft 
o 


"3 

CO 

o 
ft 
o 
s- 
ft 

_H) 

B 

o> 

32 

'S 
01 

s* 

Ph 

03 

ca 

CD 

S 
ca 
en 


"cB 

03 

o 

ft 
o 

u 

ft 

JM 

"S 
CD 

- 09 
CD 
U 

Oh 
03 

cB 
CD 

i 

ca 
en 


(a) Repeal would be effective for property 
placed in service on or after March 1, 1986. 

Ob) The credit would be available under 
the same circumstances in which present 
law depreciation rules would continue to 
apply. The credit earned on transition prop- 
erty would be available under the condi- 
tions proposed for credit carryovers. (See 
II.D, below.) 


S 

X 

3 
O 

a 


'cO 

"P 
O 
Si 
ft 
O 


"ca 

03 
O 
ft 

o 

Sh 

ft 

_co 

"S 

01 

7g 

°C0 

o> 

Si 

Oh 

03 

ca 

01 

6 
ca 
co 


"ca 

03 
O 
ft 

o 

u 
ft 

09 

fl 
CD 

'53 
01 
Sh 

Oh 
to 
ca 

CD 

s 

ca 

CO 


*■* -i O -H U J, 01 

3 2 g ° >>^ - s 
« ftis 0.^2 s 

ca J2"o w «oS 

CO ^3'3 >H fe O 

ca 3 cd^sS 

CO !< J) «) ? 

ft S-^fe ftftSB 

03 -O r „^ 03OC-U 

- , co £ -*> co 
+3 -3 CD CO S CO CD 
3 2uj) T3 CL, 3> 
11 Sfi'rt -3c<^?B 

T3 cB g g §T2-- 

"S 5 -^ u 0.2 cB_ 

Cfi > CO |>3 h ,■ 

£ ,33 p:! 5o33»3 
Jh +j3S co-rttr^ca 

a IN ^2-§^s? 

i ^ift E^^s 

■5-2 ca Slo 3-iC 


"ca 

09 

o 
ft 
o 

u 
Oh 

C 
0) 

!S 
'35 

0> 

Sh 

Oh 


■"£ uo r-S ^iS cbV> B-°- 

3.2coQ«a.2 g»^oS 
-^ +j •-< -rt <u S m fe a, co .. ft tic 

■C-3Shco,2cd+3:S ») g< o 
;> ce CD IB S-. T3 -^ ■" ft C «: S 

^|ai&|« •§*§!*. 

H^"fiug»o ^ -a -33 "3 
-£ ca o cd -3 ft.S SHjji-ji-s 


2 
3 

o 

is 

01 

u 
o 

X 

ca 

-^> 

a 

J 

o> 
> 

CB 

3 r o 
2^ 

^ CD 
o> ft 

f_ !- 
0> 


CD G 
3 CD 

'3 Jj 

2 <^ sfi 

w > _o> 

01 ^ +^ 

-3 ° 3 
1|£ 

03 §,ft 

■So 

■2 oj 

"ca S^ 
n ca 

•■h 3 03 

« 3 ^ 

3 CD CD 


^■t-h" 
Si 
CD >> 

ft a 
3 

ft 3 

Sh 3 

o'-s 

CD Sh 
> 01 
+3 <*h 

CB 

^3 

01 3 

hO O 

2 CD 3 
3 2 

%l | 

CD > 

3 M 2 

ftC a ' 
CD '" O 
05-3 ^ 

3l| @ 
ftS 


C 

OS 
4) 
b 
Oh 


&> 2 d> -^ -2 

„3 S,£, CO 

o^ 3 a> s-, 
>.'43 ai > o 

t^s 

^3 ft 3 

3 03 -rH 

X.2^" 1 <B 

•S ftsg" 2 
■2 o S co 

a) g o 3 

„§|2>>|s, 

* 2 * § S. * 

03 ^ \S co u^> 

o 3^ S 2*8 

>>2 c S^ ° 

ca cB o> .g .-3 -o 
Q, . „ CO CD CD 
S* tlO CD-rl 03 

ca -3 0) S;3 
-u cB tK C 'O 


•2 >-,& i 

^ « o J) 

^>ft fe h 
%*?? 

CB CB C-S 
S, O "^ 

w ° 'i 3 

2^-5 2 
6 £3 a 
8 ft3°2 

.Scc3 ft 

o> -^ h 

.5 "^ , "3 03 

cB cv-g C « 

<« 3 cs;u 

St3 >-S^ 
o o>_g3<! 

<! O _»9 ,g> CB 

3 t.t< J) 

CS CD CD >> 


i> 

C 

0) 
■O 

*_; 
J^ 
a>.S 

^3 

ft CD 

2^ 

ft CO 

I! 

CD 

O ^ 
3 ° 

fti3 

o o 

&H _C0 

C3 




E 


0) 
09 
V 

w 

M 
H 

o e 

o 

v'S 

s-2 

ftS 

3ft 
(So 

•g a 
li? 
£g 
03 


■3 

u 

X 
A 

H 

S -3 

J 2 

03 U 

S £> 

nh a 

>- 1 

_« o 

"&< 

CD • 

OS rt 


Sh 
CD 

ft 

o 

u 
ft 

3 
CD 

3 

3 

Oh 


g 

> e a 
H 



u co >,fl fl So ? S £ ols o 
£?2« fl c?d3 ; o _ oTj 2 -a* 

"«*l'.lllis*i:*i 

iii'l ^r, !i 



a> be i, fl 
S r! ai P 



2 Ebgpo 

<U 0) C o 

|l'|a 



S— — qj r 

_2 U 2JB • - 

-ar-fl-M 30 ffl.fcj 2,-3 

" *h JB 3 fl 01 



.2 S. ? .3 P 



« 3 ' 3 O J-^h 3 fl CD 

» >»S5 2 » 8 ° 

o ■* rj-fl njrjja-u 

M ««S 5 «. & §2 c 3 

1^ . r! m -rt o J! o 







• s g,ss 

fl b^ b 

Stg « fl 

!£■*■* 

o co 

2 fl 



S < b 1 " § 



3 s ^ 

u C t*3 O 



fl« 

"53 CD ft 

S>g£g 

•££ caU 
r> a 3 S 

o-fl 



S-fl ? 



a 2 § 
go -2 

8 §*» 

1 CD 

-*• >> . 

T3*S 



"O 


DO 


5> 






a 


en 


"1 







S- 


a> £ 


CD 


tin 


ft' . 




C 


©CM 








0) 





flO 


-fl 


fl 




H 




£> 




in 


^X 



oa 



h Q, CJH 

H h tn 

St2 » 2 

Cl co 3 
co c3 fl 

fl " o co 
$ - fl o 

8"" 1 9 ■ 

f £«g 
1. Is b 

e>? ■»'& 

5J S^ g 

•2^^-fl 

01 CT -J 



« ^ 



^g 






o ":£ ft"& °+5 
8 S| 8.3 92* 
^ 2 o^.S ^ 
y fci ^ S tj o 

•s&s'a fl ^^ 

3-fl 2 7, fl 2^-^ 

tuo ^ aij3 g o 

• rt fl ojX § CS^ 

: 98* 18 ft i 



cs tfl a> o 




« b 



fl ca 



II k tl 



„ fl fl S 1 



■ ft— 1-^ 2 ? * 
1 a** « 

■g-sajj 

o> b-flj3 



CD *3 ^ 
o fl Q 



^ ft 
O 



Sxl 



CD '*-< 
CO CD 



_ "A -g co 

S5 « - " 

CD "B 3 ^h 
JH d)-3- rt A 

fl 2a fl"- 1 

-fl 3 -u 

■e y.ss p a 



& fl a 



-!-j O-^-j Co C 



b ^ » 

S C« CO 

:ia 

o 3 _S 

■8a ° 

*" CS t *» 
COf- i 1 

"floo "H 
-a^i CD 

CD t, 

-fl - "- 1 • 



1 S B-S i 

2a *.a- fl-g c 

6 £ a ■as'- 2 "S 
g ft-o cp Oq,.S'S g 
2® o s ° c-fl.2 ft 

»J"co >>cs^<£ 2 >>fl 

SHSi-fl^Cfl-C^CD 
CD CD « -Jj -M CO CD in 



cut* 1 

ce~ 

(S ® 

Sc« 



"3 

OQ 

o 
ft 

o 

i- 

0- 

V) 

"c 

CO 

£ 

h 

j= 
o 


Same as House bill. 

Effective date. — Taxable years beginning 
after December 31, 1986. 


(a) Same as the House bill except that tax 
shelters (as defined in section 461(D) would 
not be allowed to use the cash method. 

(b) Retain present law, except that a tax- 
payer is not required to accrue as income 
any amount to be received for the perform- 
ance of services which, on the basis of expe- 
rience, will not be collected, so long as un- 
paid balances do not bear interest or result 
in a late payment charge. 

Effective date. — Taxable years beginning 
after December 31, 1986. The adjustment 
to income resulting from the change in ac- 
counting method would be recognized rat- 
ably over a period not to exceed 5 years 
beginning with the first taxable year for 
which the proposal is effective. 




S . 

V 

en 

3 
O 

K 


A taxpayer whose average annual gross 
receipts do not exceed $5 million may elect 
to use a simplified method of determining 
dollar value LIFO inventory values. The 
method establishes inventory pools in ac- 
cordance with general categories of inven- 
tory items published by the Bureau of 
Labor Statistics and uses the change in the 
published index for the category to esti- 
mate the annual change in prices for in- 
ventory items in the pool. 

Effective date. — Taxable years beginning 
after December 31, 1985. 


(a) The cash method of accounting gener- 
ally may not be used by any C corporation, 
partnership that has a C corporation as a 
partner, or tax-exempt trust with unrelat- 
ed business income. Exceptions are made 
for farming businesses, qualified personal 
service corporations, and entities with av- 
erage annual gross receipts of $5 million or 
less. Computation of average annual gross 
receipts is done on the basis of the 3 
previous taxable years (not including the 
current taxable year). 

(b) A taxpayer is not required to accrue as 
income any amount to be received for the 
performance of services prior to the time 
the amount is billed or which, on the basis 
of experience, will not be collected, so long 
as unpaid balances do not bear interest or 
result in a late payment charge. An accrual 
basis recipient of services generally may not 
treat the services as economically per- 
formed prior to the time of billing. 

Effective date. — Taxable years beginning 
on or after January 1, 1986. The adjust- 
ment to income resulting from the change 
in tax accounting method is recognized rat- 
ably over a period not to exceed 5 years 
(not to exceed 10 years in the case of a hos- 
pital). Taxpayers may elect to continue to 
report income from loans, leases and trans- 
actions with related persons entered into 
before September 25, 1985, using the cash 
method. 




"3 

to 

O 
ft 

o 

s. 

PlH 

e 

*t« 


3 

_o 
"en 

'> 
o 
u 
ft 
o 

z, 


(a) Any taxpayer with annual gross re- 
ceipts from a business exceeding $5 million, 
computed on a 3-year moving average basis, 
would not be permitted to use the cash 
method of accounting for Federal income 
tax purposes. For businesses other than 
farming, use of the cash method also would 
be disallowed if another method of ac- 
counting has been used regularly to ascer- 
tain the income, profit or loss of the busi- 
ness for the purpose of reports or state- 
ments to shareholders, partners, other pro- 
prietors, beneficiaries, or for credit pur- 
poses. 

The proposal would apply in addition to 
the current law limitation on the use of 
the cash method with respect to a business 
in which inventory accounting is required. 

(b) No provision. 

Effective date. — Taxable years beginning 
on or after January 1, 1986. The adjust- 
ment to income resulting from the change 
in tax accounting method would be recog- 
nized ratably over a period not to exceed 
6 years beginning with the first tax year 
for which the proposal is effective. 




cs 

J 

e 
o> 

co 
0) 

i. 

Oh 


A taxpayer whose average annual gross 
receipts do not exceed $2 million may elect 
to use a single, dollar value LIFO invento- 
ry pool for any trade or business. Under 
regulations, a taxpayer using the dollar 
value LIFO method may use data pub- 
lished by the Bureau of Labor Statistics to 
construct an individualized index that esti- 
mates the annual change in prices for 
items in an inventory pool. 


(a) A taxpayer may elect to use any meth- 
od of accounting that clearly reflects income 
and is regularly used in keeping its books. 
The cash receipts and disbursements 
method (the cash method) generally is con- 
sidered to clearly reflect income for Feder- 
al income tax purposes under present law, 
except where inventories are required to 
be kept. 

(b) An accrual basis taxpayer must accrue 
an amount as income when all the events 
have occurred which fix the right to receive 
such income and the amount can be deter- 
mined with reasonable accuracy. 




E 

01 


A. Simplified Dollar Value LIFO 
Method for Certain Small Busi- 
nesses 


0) 
-C 

<m 
O 

be 

o> e 

Til -P- 

Ps 

5 o 
■2* 

"S 5 

£s 

Ex 

-J as 
U 











A d U i * * 

-d -3 2 c+3 
m to e ft co j, 
.22 si 3,__, to -d 

m 3fl CO 

TJ~ - P <D-d 
O g g &J3-" 

w^ c0;zj ct> 

CD, CO ^3 00-d 

fl ° b-23 as to 

3 co-d <d"° d 
cd-3 -^->_3 js a> 

CS'S-S 



3 J^I^X * Jg-3 



2 1 * g 



".-slS 



d § m^ ^3 S 
.uoCD'-'ftObos-. 

^2 3tTft«-g£ 

— ni.O rn-o-n tj fl £j fa ^ 

cd cfl=3 a> 



= CO 



~S-i CO CD 
CD CD ,3. ■ 
' >3 



=9% 5- 



o d d to 

~" co o d 



CO 

"™ g >-> rv'x3 ' 
cl> •£ if »h -3 

CO , , i 60+J -w 

3 £3 .g 



■3 cu-O 
-3-JK 0> 

d+5-d 



£-3 So -.2 

-— CD CD .3 CO 



Cfti.' 





o 


O 


CD 










O 'to 

CO 

co J3 


ft 

CO 

d 
o 


CO 
O 


u 


Tl 


S-. 


>» 

CO 


CD 


a 


CD 
S-. 
3 


ftd 


CD 










CO 




X 


CO 



■" s-i ■« . _,-.£ 3 

^CDCDcDontO-" 

3ft^5lo>l 

•5P2-2d 2-o S3 3 

°to' u ^ So "8 2 

Sj^-dtl g » 3 co 
-3 2^3-0 CO d-3 
cfl d . he u co cd 

CD .5 >>-2P *h d d <D 

T)wJ S< C3.3 C O 



CO 



-^ 

CD g ^O 

-u ° *° 

d y 
S «3 
co^a 
S -*>'« 

CD 2 CO 

° a >H co 

gu«s.s 

S co3 



">*« >3 =3 d° d o 
cs-o to .5 .5 d 



: s.15 sp-2 fe »-s 



as p 



'*■£ 



g.23 > 

H m co -h 



CD,0 
E-i-O 



«So CD 5S „, 
i zi > co «*h -2 co 

>— i r, d cd cd 

r^ CO CD u C S O 

V, «i S 
o 6' 



co a > o 

CD C®S 
+3 to . f- 

^ i-H CD 
tn CD . tj^ 
O Oh>> CO 

-3 d co u 
.« .3 d O 

c S° S d 
CD ** CO t^ 



03< 



co" 

d.fep 



"a 

•^ CD 

C;co 
«J"S 



S.2 fe >-i 

C r-H CD (j) 



7 w m O ^ rn 

*-'3 fc-P co +j -B 
OcDtDfe_-w.t5co 

-g a 1 * d dT3 3 

bCco oa> cl 4) OS 

.S£S3,S3USc3^ 



cc u> <u O ^ 

c3s'»S 

CD d In CO d 

>>.2c2 oi to 

CD V >^ 



g^JS 



S ag IS*' 

"S 2«™^ ■ 

« S h jico 

CD d CD >- fH 



X Cti S CD 

■a ii^s" 8 ! 



co h 
CD & 

T3 cd 



S i- "f3 £>CDJ3-Q to_, 
2-d o ftg ft co-- 

d -+J co cr „. > 



O ft 
+i CD 






« 2 



^ h_L CO 01' 

■ rt cdZ3 -y- 1 

T S » e o 

2-2.S |-g 

cm cd cd to 2 

d^= 2 ft-fl 

■i-i -u -T! 



"? ° 

S to 

CD CO 



2d Ss'S'Sj'S 2 



sh 3 3 5 g: 

fiTJ-eCu > . CD to^ 



si'S-S 3 



CO 

15P S 2 



fe^2 -S 

LOT3 



CD 

y co s 



-a co cd --3 rS x — -S 
p-d. mom e-d 



S 3. 



d "co^° 

JJ "8 fa * 

^2 3 0.-0 

co *- H 2* CO 



o2S 

to 



.SP o'tm 
Org °3 ^ 

.2 Eg ° t, -M 

CO CD CD CD d 

'-S3J3 " 



(-1 . 
CD bo 



o 1 *- CD; 



■S 53 g 
*i d to 

~ ftCtU 
op CD >i CD 



^x S.3.2 "S c 
** o V -a 



co co 



«■§ S a tq 313 



-°ft 

3 b co d 
co a, - - 1 3 



u cS fc 



CD 



jy cd 

Oh .5 3 

CD O 

o o 



CD CD 

56 



.. 3 % -3 _ 

3 3 P O 3"-^ 

cd o %?si to 

S S ft£ ft.2 



l"l 



3.55 



*•-" co d 

gp 

•2 cO±i 
-u *> > 

ft > 

CD 2+j 

y-3 ja 



S 3- 



«J CO x 
CO CD g 



Oi . 



CD 



( tD ■ 

1 ^ ft 3 

) tD CO co 
1 be _ a, to co 
3-2^ 

) > CD 3 f ^ 
5 5 -5 3 g CD 
! g J2 o 2 *> 

OflUtJO) 

>xi o to bca 
i to co Bxi '^ 



3.2 



d -m 

•73.00^ d 
O O CD 

CD -tJ O g 



S3-»S 

CO -3 
"3 ft Sh 

o X o 



CD^r; 



fiCjg 



3 CO fc,^ 

oiStti 



5 £ 2 o^^i-s. 






^ fa bn 



CD tO. 
CO CO 

S-c - d CD 

3CD.3 c 

uas cd *— ' 



bD 



>.3 



'>» 33t^.S2 
-COcoS°-£g- S ^tj 

S^3 ° ^f 2 S co "5 ft >>tj S 



S3gS 
^S3^1-2|p11°1| 



^Qffl- 3 

a" M .flCC 
t3 



>33 

■G ^o -^OCO—co n 

,5 CD>0 5 a* o tD^ ° CST3 

^3 ^ g 2\,JT» 2 S c S3 
-S to 2-2£ o to 3-fi S «js 

fto^3-uHC; co-O 0.3-0+) 



cb o >>^ bo 
bo CO CO O 

•h to ae o 

■S a> 2-2 »- 

" CD CO +J 
_ U_ Sh CD 

-d o xj o m 

2 ft-g 03 

-22^3 
-hj3 M o 

a a- § « 



I c2-^s ^ 

I ' — 1 -^ CD 

g a, 3 d B 

^ S2 S ° d . 
§"- 5-B 3-3 

rh d ,< fl ° to 
.2^ d s - a 



s -S 1 o "*• 2 d d 

• rt >h ° OS'S CO o 

I »- U Sh CO-S •■* 

j. ft-w o-dtj-S 
-C 1 ^ ^ ® d"o 

fc. U CO 3 CD « ° 

g-3 d 3,0)-^ 
op cd d "o;^ 

> £ o « o 

^ 8 g u 2 o-a 

Ih H-i „) 3^ 
d £?T3 J "3 CD 

tP 43 d bp Jh t, , i3 

^ co id ^ ° P_ 

bii-a cd ., bed 

cu-Sr ^--,2 bo cd 

""* -d O ftT3 -™ CD 

3J3 w CO J- o 

l~ O CD CO H £ X 

r< -rt +J -3 cd 

: -£ +3 iHd, 



"a 



a d 



CO o 



CD r- — 

C^ c! d CD CD > O 

SJ S -- fl ra P co 

+j o g o o s 

en co JO o — ft 



JO' 



d o 



x>3a * 

d43 «' 

*i* j ■■■ 

- d 

to d _§ 2^ 

B-2"S E 3 

53-3 oj s?3 

3 CO tfl o 
B bOcD ft" 

l^^sg 

^2§d5-3 

c d d cu <D 

1 «_"§ d 

§ *S"S.g 

0> _, CO „ cO 
cu S 3 bD 

^ ° S3 a 2 

73 P..SP<u « « 
^5^3 ft 



■d-3-S 



!-S >>- B os d 



ft*3 33-5 
S 3'ft^ O „, a> ft 2 
^_ B2 ro — "3 fto 



5 >■ 



'« y "t2 






«H ft-w - JS 



*= to ^-g-O O » «< 

® 6 § -d '« "^ /^ -S _: ■ 



S-M CO 3 CD- 
"3 „ .60 OS ja 



ft 3 ^ 



1*5 T3 



,^2 



2 >> .-a 3 

£-3 d-s p 

I +, CO CD g 

«A O CD 

C+ 3 -Mto^oCSa, 

•Sb^.S^^^S ^-2 
■g o^ >-fj . 2^ 2 c 

8*3 II Ml* fS 

O^h co co 333 CO B-Q 



ral lien c 
r busine 
11 the bo 
ligations 


obligatioi 
5. Any i 
fore Jan 
pledged c 
ing. 


CD O CO -U 


able to 
31, 198 
dged be 
ated as 
utstand 


a gen 
;rade 
tially 
ment 


>> K-H 


te. — Applic 
December 
igation pie 
ould be tre 
91, if still 


secured b 

orrower's 

if substa 

are instal 


n and 
the b 
except 
assets 


ve da 
after 
t obi 
86, w 
1, 19 


■•G _ 3 ™ >, 

U ^ CD Si 


CO 


stituti 
all of 
assets 
rower' 


Effe 
pledge 
stallm 
ary 1, 
Janua 



it >>i3 "B P 60 >> co ^i, i 

a) 'ea * * -13 3 fl tO -rt 

- 2 g g g -a £ § -g cd 

dcDj3S.2Sg B-d 
■" 3 -d -d *3 co fp cd .3 *» 
Jn CO CO s-i -^ ,Sh -d 

S&H&I^Jag 

S3 m -d-s g o sh c -3 M 

ft*i -s o tD ro CD d 

§ 2^5 d-d d-d S-e 



-2 S d. 



"-1 tO JD f- 

. i— ' to *- o 






, „ CDT3 S '+* oi CD 
33 ftgflS ° m O 2 ^ 

>;aj cd pif-5 <u . 

CO co P "3 ft+jtd O 
CD .s Sh — « w J3 •- box; 
Sh-3 cd_,co°cO"3^3-u 
CD dd-w CD'ajCD 

l^tso'tlldg^^S 

C0cD"'3'3 c ?d-M.5gcD 

3 ^M A ft CO 3 -3 -g jS 

<l2cflCDCDPtobD>CD'cO 



3 ® 2 S>-d fe 

.3 -d,d S CO ^ 



o ca o -n 



3 
5 -J 

t . to 



<s«.S g 
d"co"E_£ 



S^ 



B- 



d 

32 

to ° 



,g o a P 



CO CD 

6^ 



„ bo 

tO 3 

23 



1^3 

cp >> CD +3 3 .3 



CD cO B .3 co 
-3 d _d to cd ii 
to 3 33 a; cd E 3 

=^«iS3'a to g 



o co "55 » 2-3 ► 

^J3 3 a, B COS 
d "— _e -G co 



> 
CD 
3 ^ 
° 
m XI 
-3*" 
CO !4_ 
O 

«i-2 
,rt ft 



cu z. 



3 s- 1 3 _ 2 S 3 



t5 'S 'En'-S 3 d S 

H CD .gf iS CD CD 

o3 ft S E o 



3.3 » 

2d 

3-2 o 



i CD -3 t d 'd to 

. H BSS ° °"fa 
o d to.3 CD d d fl 

O ij O ft CD CO g 

« H S3 3 „ g °-2 

CO-g fe o tD cfl d 



cd y 



- 1 ^ CO d d O CD *> 

flxi ffi 3 S'S'33 

a 3 a S >> 53 *- S 

=S 2 2 S?ft M d 
-d^cocD^tato^-j 
cd^J^ boo _-d 2 

"cObOjOtO.SCDhB 
..-3-3 fa ?)3H?P 



£ts 



X O CO o 



3 2 3 



d 2 



2^3036 B233 

^M-SftO.jMog 
3 o co 3=-.i13 2 



J W 



o> 

01 

is 

ji 

o>«H 

est/} 

c 

fa 


Same as President's proposal, except 
that purchasers of goods for resale would 
generally be subject to the uniform capital- 
ization rules. Thus, costs (including general 
and administrative costs) attributable to 
purchasing, transporting, repackaging or 
other processing, and storage of goods, and 
other similar costs associated with the 
goods, would be treated as inventory costs. 


Same as President's proposal. 


QQ 
oi 

CO 

3 
O 

DC 


13 

CO 

o 
p. 
o 
u 
ft 

CO 

a 

CD 

'co 
cu 

U 

CU 

CO 

CO 
0) 

6 

cS 

m 


13 

CO 

o 
ft 

o 

Sh 
ft 
_00 

3 
01 

32 

'to 

01 
Sh 

Oh 

CO 

CS 
CD 

s 

ns 

CO 


13 

CO 

O 

o. 

o 

Si 

a. 

CO 

C 

!2 

'co 
OI 
i. 

a. 


Comprehensive capitalization rules 
(hereinafter, the "uniform capitalization 
rules") would apply to the manufacture of 
inventory goods. These rules would essen- 
tially parallel the full absorption rules, but 
would require that most financial conform- 
ity costs be inventoried. In addition, all tax 
depreciation, current pension and fringe 
benefit costs, and a portion of general and 
administrative expenses would be treated 
as inventory costs. However, research and 
experimental costs (within the meaning of 
sec. 174) would not be subject to capitaliza- 
tion in the case of inventory. 


Cost (other than research and experimen- 
tal costs) incured in connection with con- 
struction of noninventory property and self- 
use property would be subject to the uni- 
form capitalization rules. 


ea 
J 

c 

01 
OI 

u 


Manufacturers generally must accumu- 
late costs of producing "inventory" goods 
in an inventory account. Costs in the in- 
ventory account may be deducted only as 
the goods to which they relate are disposed 
of. 

Under regulations, the "full absorption 
method" determines which costs are in- 
cludible in inventory. All direct production 
costs, including costs of materials incorpo- 
rated into the product or consumed during 
production and labor directly involved in 
manufacturing, must be inventoried. The 
treatment of indirect production costs 
varies according to the nature of the cost: 
some costs are deductible; others are inven- 
toriable; others ("financial conformity" 
costs) are deductible only if deducted by 
the taxpayer for financial reporting pur- 
poses. 

Purchasers of goods for resale (e.g., 
wholesalers and retailers) must include in 
inventory the invoice price of the pur- 
chased goods plus transportation and other 
necessary costs incurred in acquiring pos- 
session. 


The costs of acquiring, constructing, or 
improving buildings, machinery, equip- 
ment, or other assets having a useful life 
beyond the end of the taxable year are not 
currently deductible. These "capital ex- 
penditures" become part of the basis of the 
asset, and may be recoverable over the 
useful life of the property through depre- 
ciation or amortization deductions if the 
property is held for business or investment 
purposes. Any unrecovered basis may be 
offset against the amount realized if the 
property is sold. 

Although a taxpayer's direct costs of con- 
structing an asset for its own use or a non- 
inventory asset produced for sale must be 
capitalized, the proper treatment of many 
indirect costs is uncertain. 


E 


D. Capitalization of Inventory, Con- 
struction, and Development Costs 
(See also sees. VII.A.2. and B.2., 
relating to costs incurred in 
farming, ranching, and timber 
activities) 
1. Inventory 


2. Self-constructed property and 
noninventory property pro- 
duced for sale 



"3 

to 
O 
ft 

o 

u 

PI- 
CO 

e 

SB 

£ 

'3 

J5 


Same as President's proposal, but retain 
present law for real property construction 
contracts not requiring more than 2 years to 
complete, if performed by a taxpayer with 
average annual gross receipts of $10 million 
or less. 


Same as House bill. (See XVI.C.2. for the 
special credit for low-income housing.) 


The provisions would generally be effec- 
tive for costs and interest incurred after 
December 31, 1986. For inventories, the 
rules would apply to taxable years begin- 
ning after December 31, 1986. The section 
481 adjustment would be spread ratably 
over a period not to exceed 5 years under 
the rules applicable to a change in a method 
of accounting initiated by the taxpayer. For 
long-term contracts, the rules would apply 
to contracts entered into on or after 
March 1, 1986. 




5 

<u 

CO 

3 
O 

8 


Provides that all long-term contracts 
must be reported under the percentage of 
completion method. Thus, long-term con- 
tract costs would be currently deductible to 
the extent attributable to contracts report- 
ed under the percentage of completion 
method. An exception is provided for con- 
tracts for the construction of real property 
to be completed within 2 years of the con- 
tract date, if performed by a taxpayer whose 
average annual gross receipts do not exceed 
$10 million. Present law capitalization rules 
would be retained for contracts not required 
to be reported under the percentage of com- 
pletion method. 


Same as President's proposal, except in- 
terest incurred to finance the construction 
or manufacture of property costing more 
than $1 million would also be capitalized. 


Same as President's proposal, except the 
section 481 adjustment would be spread 
over a period of not more than 5 years, and 
the change to the percentage of completion 
method would apply to contracts entered 
into after September 25, 1985. 




"3 

CO 

O 
ft 
O 
U 
Oh 
Jt> 

B 

0) 

IS 

'to 
0) 
la 

Oh 


All long-term contracts would be subject 
to the uniform capitalization rules under 
the completed contract method. In addi- 
tion, all general and administrative costs 
attributable to cost-plus contracts, and to 
Federal government contracts requiring 
certification of costs, would be treated as 
contract costs. 


Capitalization would be required for in- 
terest on debt incurred to finance the con- 
struction or manufacture of (1) long-lived 
personal and real property or (2) tangible 
property requiring 2 or more years to 
construct or manufacture. There would be 
no exception for low-income housing. 


In general, costs and interest incurred 
after December 81, 1985. For inventories, 
the rules would apply to taxable years be- 
ginning after December 31, 1985. The sec- 
tion 481 adjustment would be spread rat- 
ably over a period of not more than 6 years 
under the rules applicable to a change in a 
method of accounting initiated by the tax- 
payer. 




CO 

c 
cu 

CO 

cu 

S. 
CL, 


The treatment of costs of producing 
property under a "long-term contract" 
varies depending on the method of ac- 
counting used by the taxpayer. In addition 
to an inventory method (described above), 
taxpayers may use two special methods of 
accounting for long-term contracts: the 
percentage of completion method and the 
completed contract method. Under the per- 
centage of completion method, gross income 
is recognized according to the percentage of 
the contract completed during each taxable 
year, and contract costs are currently de- 
ductible. Under the completed contract 
method, the gross contract price is included 
in income, and cost associated with the con- 
tract may be deducted, in the year that the 
contract is completed and accepted. 

The rules relating to which costs are 
contract costs vary depending on whether 
the contract is an extended period contract 
(in general, a contract requiring longer 
than 2 years to complete) or a non-ex- 
tended period contract. The rules applica- 
ble to extended period contracts are essen- 
tially the same as the uniform capitaliza- 
tion rules. Non-extended period contracts 
are subject to similar but somewhat less 
comprehensive rules. 


Interest incurred by a taxpayer during 
construction or improvement of real prop- 
erty held for business or investment pur- 
poses generally must be capitalized and 
amortized over 10 years. An exception is 
provided for low-income housing. 






01 


CO 

u 
ea 

u 

C 

o 
u 

£ 

s. 
CU 

u 

e 
o 
J 

so 


CO 

cu 
u 
v 

C 


01 
-*J 
68 

T3 
0> 

> 

u 
,8 

fa 

«5 





CD 



T3 >, 






3 



+3 ai^cj at 

■5.5 St3 *<*> 

X O tn C3"- 1 ,. 

« °2.2 cd a> 
- a®" 5-2 

3 2 m a » ^ 

3 co ^ o> 

S ^ 3? * 
C.o o 3 he 

co a >"3 

» R u fl 



ffl 






2 o^! <S 



a cu co 




exce 
add 
ion i 
er a 






_ i X co > 




oposa 
e for 
provi 
bly o 






o>x! ca 




co sp -^ & 




!i b OJ 






4jSfjs& 




co 08 co o 




£ g^.S 




P-l ** I 1 - 




a> > a 








2~<2^ 




g CS«'T3T3 


CO <D CD'S 


O 


-S-S 3 





, T3 T3 co r >>T3 Ir! "3, S* co 03 



1-3 03 3 a3^$ 5 « 
3x «._; 



* %■ 



■3 g 

JT3.S 



OX! 



'-j g co ^ 



£ o2 a<D 

CU *X 
R bo O J3 

2 a ^ ^ 03 ^ -< -^ 

3 m 03 j>>jh 



13-0 >> 

a cd ja 

CD CO cp 

u 2 a 



■S'" S « « . 

.s g_ 5 -a s 



£ a 



8f£ 03 

>> . _co 
,2°°-2- 



C TO 5 
o o g 
■rt "S o 



T3rQ. 



o.2 



) 2 5 ^3 03 -jh cu 3 

|W^ O * MX 0) 

3cdcdcdx§«>o 
ax-axtS £ cs£ 



sSJ ■ 

o 0^ >> 

Oh _u "^ 
M w m M 

-^ a 



"Xi£ 

§** 

, 8 M° 

3 S C 
£ -T-3 " fH '3 o 

e- 1 >>J=- S .S 2> 
'. 2 m « ™'3 

^S ^" S a3-° 
•5.2 CD a, as 



c fl S t. 
o a> -« c3 

3 *-^ o- 1 



tS* w Xh CD 



3 CD 
T3^3 
CD'-~ 



CD 

cdE-i 
3 

<D 3^ 

^ to 'o 
03 -w sii 

CDO 



a £ « 

+3 3 o> 

o o a, 

3 X 

T3 CO CD 



CO CD CD .i 

CS^ S>° 
J3 ^ C fl , 



rS fe © R 03 OJ 



3^ 



co .3 cd 
CD rj 

3 h+3 
ft OJ 



«> CO 



m.S _ 

CD CO CO 

c«X2 



d ^ 



S ^3 



T3,C 



3 g « 
03.2 ■" 



«^3 

CD 
CO £ . 

•ff.SS-o 

■ a 



c 
co co 



O +J.3 



cu -C 



E B 



xl 

CD 03 



T3 



- OX 



> S-m 3 s cd 

iJS'W C3 c8 io 

1 3.2-g >,3 

.ffl 3 CD w o 

i m C8xl cd " 

'^> h ^ h 



S CO fitj 

co 5 i-i 



"3 
to 

O 

a, 
o 
u 

a, 

00 

1b 
£ 

M 

'3 

X 


Retain present law. 

O.o 


Same as President's proposal, except that 
the proposal would be effective for taxable 
years beginning after December 31, 1986. 


5 . 

V 

to 
3 
O 

x 


c 

0> 
CO 

0> 
Ih 
ft 

a 
'3 

0) 

« 


1 
s 

CD 
to 
CD 
U 
ft 

g 
'3 
CD 


"3 

tn 
O 
ft 

O 
m 
ft. 

JO 

C 

!S 

'to 

ft. 


The election to exclude from gross 
income amounts attributable to the quali- 
fied sales of magazines, paperbacks or 
records which are repaid or credited after 
year end, but before the close of the mer- 
chandise return period, would be repealed. 

Any amount of exclusion delayed in the 
first year of election, which has not yet 
been allowed as an exclusion, would be 
treated as a deduction in the first taxable 
year for which the proposal is effective. 

Effective date. — Taxable years beginning 
on or after January 1, 1986. 


The election to deduct the cost of re- 
deeming "qualified discount coupons" re- 
solved after the close of the taxable year 
would be repealed. Any portion of the de- 
layed deduction from the first year of elec- 
tion, which has not yet been allowed as a 
deduction, would be deductible in the first 
taxable year for which the proposal is ef- 
fective. 

Effective date. — The proposal would be 
effective for taxable years beginning on or 
after January 1, 1986. 


S3 

c 
o> 
to 
o> 
m 
ft, 


An accrual-basis taxpayers may elect to 
exclude from gross income amounts attrib- 
utable to "qualified sales" of magazines, 
paperbacks or records which are repaid or 
credited to the purchaser before the close 
of the "merchandise return period" (sec. 
485). A "qualified sale" is a sale for which, 
at the time of the sale, the taxpayer has a 
legal obligation to adjust the sales price of 
the item if it is not resold, and which is in 
fact so adjusted. The merchandise return 
period is 2 months and 15 days following 
the close of the taxable year for magazines, 
and 4 months and 15 days following the 
close of the taxable year for paperbacks 
and records. 

For the first year to which an election 
applies, special rules delay a portion of the 
exclusion to limit the bunching of exclu- 
sions that might otherwise occur. 


An accural-basis taxpayer may elect to 
deduct the cost of redeeming "qualified dis- 
count coupons" outstanding at the close of 
the taxable year and received for redemp- 
tion up to 6 months following the close of 
the taxable year (sec. 466). A "qualified dis- 
count coupon" is one which is issued and 
redeemable by the taxpayer and which 
allows a discount of not more than $5 on 
the purchase price of mechandise or other 
tangible personal property. For the first 
year to which an election applies, a special 
rule delays a portion of the deduction at- 
tributable to the election to prevent a 
bunching of deductions. 


o> 


u 
o> 

ft 

CS 

a 

to 
0> 

.5 

'3 x 
cd "o 

08 o 

£ ° 

cm £ 

to e 
c « 

«| co 

CN1 


e 
o 
ft 

3 
O 

w 

B 

3 
O 
u 

GO 

-3 

•w 
o> 

s 

"3 

3 

a 



« 

OS 

O 

a 
o 
s- 

a, 

03 
*C 

ca 
E 

"3 

j= 
u 


. (1) % ( 9 /i7 in 1987) of an individual's net 
capital gain would be deductible. Since the 
highest regular rate for individuals would 
be 35 percent, the highest rate applicable to 
such net capital gain would be 20 percent. 

(2) No indexing the basis of capital 
assets. 

Effective date. — Taxable years beginning 
after December 31, 1986. 


i 

A 
03 
CO 
03 
U 

a 
a 
'3 
"8 


(1) The requirement that the options be 
exercisable in the order granted would be 

(2) The $100,000 limitation would be 
modified to apply to options first exercis- 
able during the year. 

(3) A corporation with gross profits (gross 
sales less cost of goods sold) in excess of $100 
million in the previous year could not issue 
incentive stock options. 

Effective date. — Options issued after 
1986. 


5 . 

V 
03 

3 
O 

ac 


(1) 42 percent (50 percent in 1986) of an 
individual's net capital gain would be de- 
ductible. Since the highest regular rate for 
the individuals would be 38 percent, the 
highest rate applicable to such net capital 
gain would be 22.04 percent. 

(2) No indexing the basis of capital 
assets. 

Effective date. — Taxable years beginning 
after December 31, 1985. 


The alternative tax on corporate net cap- 
ital gain is repealed. Thus, corporate net 
capital gain is taxed at regular corporate 
rates. 

Effective date. — The change in the alter- 
native tax for corporate capital gain gener- 
ally applies to gain properly taken into ac- 
count on or after January 1, 1986, unless 
pursuant to a sale that was made on or 
before September 25, 1985, or that was pur- 
suant to a written binding contract in 
effect on that date. 


ci 
_o 

'co 

'> 

o 

u 
a 
o 


"3 

CO 
O 

a 
o 
u 
Cu 
ui 

c 

03 

s 

'55 

03 

Si 
EL. 


(1) 50 percent of an individual's net cap- 
ital gain would be deductible. Since the 
highest regular tax rate for individuals 
would be 35 percent, the highest rate appli- 
cable to such net capital gain would be 17.5 
percent. However, taxpayers subject to the 
alternative minimum tax would be poten- 
tially subject to a 20 percent rate on net 
capital gain. 

(2) For sales after 1990, individuals could 
elect annually to compute gain by indexing 
the basis of capital assets, instead of de- 
ducting a portion of unindexed gain from 
gross income. 

Effective date. — July 1, 1986. A taxpayer 
with a fiscal year that includes but does 
not begin on July 1, 1986 would use a 
blended percentage deduction for sales at 
any time during the year 1986. 


c 

03 
CO 
03 
U 

a 
g 
'3 

03 


_o 

'co 
"P 

o 
•~ 
a 
o 
S5 


ca 
J 

c 

03 
CA 
03 

h 

0, 


An individual may deduct from gross 
income 60 percent of net capital gain (the 
excess of net long-term capital gain over 
any net short-term capital loss). Since the 
maximum regular individual tax rate is 50 
percent, the deduction means that net cap- 
ital gain is taxed at a maximum rate of 20 
percent. The alternative minimum tax, 
which applies only if greater than the reg- 
ular tax, is also 20 percent. Thus, although 
the deducted portion of capital gains is a 
preference item, the alternative minimum 
tax does not increase the maximum rate 
on net capital gain. 


An alternative tax rate of 28 percent ap- 
plies to a corporation's net capital gain if 
the tax would be lower than the tax using 
the regular graduated rates. 


An employee is not taxed on the exercise 
of an incentive stock option and is entitled 
to capital gains when the stock is sold. 

In order for options to qualify as incen- 
tive stock options, among other require- 
ments, the options must be exercisable in 
the order they are granted, and the em- 
ployer may not grant the employee such 
options to acquire stock with a value of 
more than $100,000 (increased by certain 
carryover amounts) in any one year. 


E 

03 


ce 

S 

"3 

o 

"3 

a 

ca 
O 

"3 

s 

2 
|> 
■3 

e 

< 


OS 

s 
"3 

C 

"3 

'5, 
ca 

u 

« 
u 
O 

a 
s. 

O 

PQ 


CO 

S 

o 

a 

O 

it 

u 

© 

3d 

03 

c 

03 

u 

e 

u 



9 Sid's.- i C 



co ■ 



o cO 



CD tO ' 



§ 3 S -5 « +3 

S ^3 CD "d Ij ' 

_ o-S B <u § 

3 3 >i " te 

cO-d co >h "^ >, § 

-" m-S C -d 3 © 

CO- J-, [JO j, 

g hfl^ cs* 

° 3.3 .O (B=*» 
CO 3 r< -S "£ ^ m 

silo!*! 
■S'° m i'S5"a 

c *-> d «a o ™ 

.3 0.a«3 -ij a) 



3d U^ea 

""■Si «3^ | 
a-~ co c p 

co^ 3 cu d .. . E 

Sco« j^ 

CO f3 T3 rrt T3 

„.2 s a ™ a & 

4) CTln "K ^ H P 

-a a - cd cd P 

23 *«_§£ g 

a § >>2. d o-a 

^.a-a ^ oq a 

.3.2:5 -£ So 



1 &>?£' 



* *£! a 

8 °a-° 
<3 a <o o 

ft gSo 

■rt h Ot3 

2 2 "3* 

cd cd o 2 

T3 T3 to d 
« c cd £ 



d 3 
,.2-g 

el 



3 toJdd'S 



-3 -a X -i^r-fTr, 

co co cd o .2r 



•* bo 

d.S 

CO-M 
S- +3 

o u 

a s 

CO 

> co 

_e cd 

a ■ 

In __ CO 

3 3jg 
S 6 3 

•S to O 



S cb 3 q 

to o e o +j 

to,*- d 

p 1 *- co o> u 



ca _, -w tu ■<- 

d^ -1J 
m '-a 

boS-d d 



03 el) 

c^ >H CD 

T5 (rt — ! . 



S 2 S £ CD 
CD CO CD > 

B^3 c eve 

as s 2 & 
co a ™ o 
,2^1^ _ 

■3 m CDT3 3 

lips 

o 2 o cs 



CD CD «> co I 

a°3_a§j 



-P l}t)H Dh'3 

ni >»3 sh to 
be 



i^dSsS CD 



CO o 
CD 3 ° to 

^^gd 

d * 
beg * 6 



o be CD 
CD .5 CO 

"3 ts.2 

S cS^ 

CO £V 

92 o c3 



b a s 



bc,£ 

Is |:| . 

- , T3gcD - a2 <aSd 

cd ■£ i2 o 

O to CD Oh 

Jr! a 2 CO CD >H 

CD J3 CO ,=; S n 

a+s o, co a o 



o o. ; 



d^-o 

CO S w 
CO ^, 

fd 2 



"SI 

a°^ 



CD to CD 
> CD li 
S U ° 

aija-d 
«JJ S 

•^H ^ CO 

C bDCD 

■2 «SS 
to '43 2 
•g CO 

© &H 

ft-2=° 

2 a. <B 

Eh ft-2 

I £§ 
^ § cdo 

w ja cd,- 

<-SL S'd co 

fcro CD 3 



cd ci . 

a,« -a 

§ CO CD 

-§c33 

^5 0^3 
CD ^ 

lis 

•H-" o 

- 0)0 

o£.S 

■3^c0 

ft -2.5 
-u -S'd 

I0 4J Sh 
CD O O 

«^ 2 

-S'd co 



■^ «Sc= 2 o^d p 

a j)S P-d s B 



S ^ 



to ^ 
co _d 



^^^ 



=g.2o co a * u. 

O rH cO-d +j q 

»:8S ^2§ 
bog d c d >h 

S-2o 2 2 m-u 
cJ+jo 3+3 <u o 

CO CD ,„ -tj h r 1 
3 to O CD T > 

cd 'to ,2 S I'd 

sS-g.1 



CO CD " 
CO -, 

to O g 

■ rt ^-2 
d pas 
.2^ ' 



°» CD 

"3 3 

CD to 

bu.a 

CO co 
to 

CO CO 

'o.S 3 

3 a 

-u -u >>> 

£ ?n cd 

cd a > 
ass? 



, h aw 

< o a 



rt -2 CD 

d q, o 

C0.& CD 
_d CD *H 

+3 8 a 



CO CD 
5 CD 



-u^ co lo 
"^ ft? o 

6 e-22 

■*? 3 "S 

|»|ift 

^ C O OS 

a> cd 2 2-3 

- (h CO [0 

g cd cs o 

s -il3 

cS -u " ^ 
^g ai fi Hi 

5'Sb-S'S " 

« 3 O 

s_ tjj-a ft 



^•3 



a s+s. 

■-H O M 
0) 


3 
o 


to rl 3 
c§ ? » 


T3 
CD 

to 


O^ 3 

OJ * <B 


■a 

-4J 


3 $£ 






end r 
t a lo 
d in 


CO 

3 
O . 

is 

Oh"" 1 


£ OS QJ 

3 — 3 

ID'S 3 


^> O *o 


1 ^ 
















e cs 


H3 ~ 


■«|3 


ft°-2 


.§•3 


<1 m ft 


o 


(b) 
which 
the o 
year. 



^ a So 

03 cSp-S 



to b n 
° ft 
2-S 

CS to oj 



03 3 T3T3 O 



0) to" 



03 CD a>j3 £ »J 

"» ^ a> ^ H 3 

fe-fi (SO 



t3 03 o 

S S « rl, 



tD O 



« S 



SS 



w <0 



cd 

3 Sh 

3 



.g&* 



B* "So 



,3 



CS 



fl.a'oo 






tSfi otl 

,-, co 34* 

* £ £ s 



= "3 

a" a I 

>» 0> 03 

-oigcs 

* — ' u 
£ o 

*- cd & £ 

O ft-M CJ 



CO , 5, ° 

.2 Id j t3 « 
"S .to h a> ft 

3-0^|3 03 * Oj<! 

3 Cm ■** CO O 

^ .2 3 3 b'g -S 

3 y+3 o<J:3 £ * 
"32 ft P^ 3 S a, 

««■§ Q.2 m t3 b 3-g 



CD ^ 

T3.2 ^j ft _ 
to 23 o © 3 m 

CO 3 <V , O -r- 



o o 



ft O CT 

° 8'5o^o„.SS 
3 o S<S3 3-3 



<!i3 



CD r3 ^ * > 

.?, 3 O " 

S £ »+*_ £ ' 

< JO CD CJ' 



'-J3 fto 3'csls'S 3 
co O o o=*-J,-S fs.3 



CO ,_; 



03 "3 



o 



13-r-, 

>£? 

c m 
.2 8^ 
.-fl-fl £ 

< 2 " 
fl.22 

■° S^ 
<u S a 
§0.2 

en CO "5 



CO +J CD 

CO CO co 



CO * 



CD co 
3 bD 



3 2 



03 "E 



t£> cS 

55 3 


to 


i»q fl 

CO 


1-1 




^8 

Q 



o « 8<~ 

"^ ao 

cms u 

C CD-H O 
M |J -' O co 

H'-fl £ co 

* 3 >>•§ 

.ss-i 

2-.£h CD C - 

"•See 
§ 1 1 8'- 



CD fl 

E cd 
Ph 0- 






C CO O 

'wo Ml 

2§ fl 

■fle/3- 3 

--: 

«*£ 

CD-S _ 

co a 

CM .-C 

2-S^fl 



cu 

O-fl 



M ft 



CD ... 



3<d cag 
cd cs a ^ 

R O 



CD.O 

~<fl 

O o 3 o 

b 3 » 

abb 



5 IT'S ^ o 

3 c* CD " rt -S CD 

>> o ' fl o-A h - H '«-j3c 9> 

-^ ° -3 ft 1 x-. > -Q CD C 

cord crt cr 1 — t4J Q)4J V H 
eg-fls o o<"£cd 

S ilia 5 !? 6ll 

5§^^CDmCD?l5^^ 

C! ft cO +3 co *3 ft «*; tB 



•5 CD 

<St.S 

>5CD 

"*< CD 

P 



ftg ""^ 
g<co >>,fi 
3 CO -±f -w 



CO CD 

2 K M 
J«g CO 

£ >.-fl 



J3 fl 
® 2 ^ rt 



S'ffi 5 



°. .s'S s.s 

10 6©- cd co „ cd 
» g S fl •*» g 

j3 ? O O .,,0 

CD rrt-S. O, CO-S 

fl-s .<& 



■ ag 

cu«i 
afl 
to'7* 

fl 2 

'So 

CD o, >h 

■^ ° fe 1 

r" -> w 

fei'cO 

co a 

— ■ CO -M 



CD fl 



CD CO 
3 bD 

-a cd 



£?c fl 
co .2 



„, beco 

-a s 1 s 

5 o co fl 

C. - rt CD 

CD 'is ,—1 3 

&° CO & 

2^1-S 

8 « G-bD 
^43 CD fl 

CD 1 — 1 O 

S CO u 

■t-J M O 



O o 



CD CO 
3 bB 

^3 CD 



CD -3. 

P?5 



C3C3 



Pi 



CD U h 

1 — I .CU ff! 



tfi> co^< 

4^3 22 

fl A 

§.2 

>-s CO 



Sf 



aSfl 



w- 



fl CO 



fl c 
KM 



flj 



23 fl 



5 CD "S TS 

s a 3 « 



C3<0 
SR fl 



5-S fl 



>>j3 8t2 o 
a =23 S 9 

10 ^ a c 

„, CD CD ,B <H 
W O >>?fl fl 

in C td o ,H 

CD CO Q, CD j, 
CD 



« , ^ to CD 

'2go 310 
•y R fl ^cm 

rS-S °£<~ 

"is- 2 fi 
its ™-fl fl 



TJ 



CO 



£ 3 



ft cj - 

h x » s 
o-rt cd-- S 



'H « co 2 a 



CD CO 

s 
s.s 



u h „« 



^a _ s 



S-2 S-S 



O CO^ cO S 



E^^ 



co-S 
Pi 
'-'-fl 



fl H 



c8 A O *S fc 
CD CO _fl J3 

CD h to rj C 
J2 CD "fl rS !£2 

Se2 fllj. 



-l-> 




CD 




+j 


3 






^,-fl 


CO 


^3 


fl 










crt 






J3 


CO 
C 
CD 




CD 

u 


c 


|9 

6 fl 







U, 


9 


>, 


X 


CO 




!S 


>> 

CO 

a, 


aj 




CO 
CD 


O 




Sh 

CD 


-C 


C 


H 


ft 

3 

CO 




CO to 
D.3 


Cm 


£"8 




X 


H 


*J 


,fl 








CO 


AH 


O 


C 








CD 








. 3 

•<-o 

^ fl 
CO « 


O 

H 

CD 

a. 

CD 

c 


73 
'3 
a 
+^> 



ftfl 

S 8 
>> 


c 




> 





c 





a 






bo 
c« S 
CD •£ 

2 i2 

CO CD co 

c « c 
0- .2 2 

T3 — g 
CD CO '"' 

2 c c 

m Ph S 



"« 



CO fi. 
Pi «3 



hp 3 Oh 
fi"C ft k_ 



•ca 1 



3 






ft 5 d) 

ftfcfflS 

8 * » s 

3 £7 o bo 
ft ft fi;fi 
SPt3 -- 1 be 

,5? 3:3 -u 
ftOtog 

rv'rt a> (D 



« PI 



a ft 



O/rJ 3 ft . 
,_. S.9 a, ft 

s « » s g 

+3^ o ft 



??T3 



Bl 




S 


tH 


OM 










3 


0) 


(3 -O 


£ 


id 










0) 


Q 


Q 


Sh 














cu 


m 






PI 


V) 


T3 


-a 









a> Q 



-2:5 >> 
S"1N 



to 2 ° 



S3« 




$.3 -a 


* 




a 




^S 


3 






ft 3 s-< 








CO CD 2 




« *■£ 


1 


hat I 
s the 
date 


QOO 










<D--i! j2 




Sh 3+3 




3 3t £ 


U S-h 


CD-O cp 


<£> cd 


P5 s >> 


<*) s 


^j ra 






1:8 £ g 



>,o 0)3h 
■jp-m.3 CO 
3 ~ -' ^ 



S S Sh 



ft In bo 



«-x 



S+ 3 S 



CD 



CD 



8 «' 

Jfi 3 

■iofl 



sat, 

3&|2 

* fi --2 

cu 3-3:3 
■5 CB 3 
J3. 



CD 

3 ft •£ 3 .3. 
,"2 3 _ += 

3 >, 
ft_I 



2 cats 



a^g 

O-P O CJ 

ft 3 o o 



«-3 2 

CD .g, 



,3 cn-w 

•P JJij 
^ 3 " 

>> 3 CD 

'ft r 2p3 > 

ft«2 s 

< CO 

g"e3 g 



CD ft 

£2 



ft x 
ft ca 



o 


is 
1 




>) 


m 










C 


-tj 




o 


o 
C 




>, 












ca 

3 
CD 


3 
CD 




ft>> 






Bl 




O 

3 


ft 







T-l 






3 




hfl 


3 


3 


CD 
3 


CD 

.3 


ft 






-o 


X 


o 


3 

ca 


>>S 




ft 
ft 

<! 


o 
HP 

u 

o 


CD 
-3 


_, 


ft 




-rt 


<D 










.3 


CD 






O CD CD CD J, 

*" 3 3 :5 C ^ 

^ 8 CD 

■H M T" 

CD 3 



u u 



S " CO CD S 

ft,S a> >, ft s 

p% >» CD -J CO O" 

3 3 s S £ -a 

£ r 5-1 S co .3, 

+J f3 ' rt 



H -3xi 

3 CD 

CD -3 

2^3^ 



if- 



-5 .5 



ca = 



CD 



« 3 









ll-So^-a 

3 S^^ S 

caco CD g >> >- 
>h «, bo ft h 

* CS 3 CD 

_K „ S ™ Lh CO 

.seft|S.a 



C CD 
(-, u 
CD 

%a 
I -2 

!D 3 



ft s 

3 S 
3 w eS 
3 ^ fl 

§|-5o 
cd ca w 

U CD CO 



CD 



ca 



C <D 
0)3 Eh 

^5 

3 3 CD 

43 § ** 

O O CD 

3 +j 



S«5 

t*,00 



VI WIS 

«_. 2 JH ■ 11 i 






ft ft 



.2 S. 

ft-^ . 

03 3 

>>3 






2SSftS' 

-u -rt j3 to ft 



03 g 

3 ^ 
2 x 



. CD CD 

_ fi 3 
bo 3 3 

a3 g <n oj .fa -3 2 03 ., 

ftft.s- SI*" 2 a * 

°^h CD 



u 3-S 

si i 



P CO 

ft^-3 2 
-3 g Eh 

■3 c 3 
2 3 B r 



,^om bOT3_2^ 



Oi T3 ^33.2 _ 
ft 3 >>MU° 

s a e j-^' 

m ,>h 3 3 ft co" 



_. 0) o> , ih o si 
«SSft„fe- H -^<t'3 

3 2 6 3 S^-ScA^ 
JIOOO) OCi-) x o 

boooooo.S -u 



®^ 

_fe>0> 

ca h-> 

fi ^ 

ft o 

ft-° 

111 

S ft ft 

"3^ bo'^ 
Sf ft » 
ft ? o> 
3 c S 

o-3i§ 

01 - ° fe 0) o 
3 CD 0) 2|fi ft 

u fe>a5 H ft 

3 3 3*^ c3 
° ft 01 -H 7} u 

co 3-3jg O 

31-p »p Eh 



(J lH^ 

(8,0 3 

" in 

C 3 



CDT3 i ft ft ft .i 

™ a s_ jh oj- 

o -S ft ft ft m 

3 +j -p> «> J 

ao ti_i n 3 S'3 ' 

*3 co £ r> 3 o) 

ft 3 ™ S 3 rd 

ftffl cU u H5 co 

to 3 b Oh 3 E?^ 1 r 
in O 3 ^ ft 3 .' 

6&IUI1 

ft 3 in d >>£ W 

^^§a H 2 

H ^^£^c! 

t- 1 HP CD HP HP CO 



&g:s3|a:9 

3 "t^ g "^ hp ^ 

• * 3 2 a, 
J3 «C '-a bo >><+* 

2 2i-S's B 
u-3 In « S s 

ii , a2ls ,s 

^^ ft ^ ' 

-S o 41* 

o *" bo-"^ aa CO ,3 cd 

p3 



! s i r ° fl 



bo 3 c b0"3 +p "3 

s 2 J£ a iS 3 3 

.3 CT3 -3t3 !m 3 



co 0) >> 

CO (-; i — I 

ft +3-3 

■ — i ^ 3 

3 o ft 

CO JO CD 

'a >> bo 

fl 3 ^-^ 
D-O-3 

X! 3 CD 

3-3.3 

43 ^ ^ 

fl'5 2 

HP -3 ^ 

CO CD p 
ft 3 fa 
Si "5 

3 ^ 
.3 co 

™^h p3 

3 5 ™ ^ 

H 3 



2"S ft 



*■* 



c 

.2 ft 
.2 "3 

► »- 

O HP 

hi to 

fly CJ 

HP CD 
X HP 



"2 « 



© 08 

2 S 



s .. o 
■9 C "> 

CQ h ^ 
CD -Jj CD -C 

£ ® ©Ja 
-" ca.fi *" 

»2«|P 
03 a) 04 'g 



ffi 






CO o 
CD eg 

cu 



OS'S G-fi 
CD CD .2 2 

d _q c 
§ cd o 

o2c3& 

.12:5 £ 



flcy> 



-S >> 



« £ 



^Sj 



"° 9 



O o 

CD CD 

e&3 

"§ CD 

'•IS u 
o o 



^5§5 



S3 $ « o 

a™: . I 

■" CD O 

S § u ft.9 

9 cd S3 

•43 o , ^2 ca 

CO .Si rt cu 



C3 CO 
"00 

eg t— ( 



a, "S 5 9.9 
oS ^"S-o o 
8 * s » 

,3; E.2,2 

cd+3EH'co 



Is 

CO 3 
CD C 
—, 05 
c3 l- 3 

K CD 

I 42 
'. c3 

£ u 
a o 

"o a 

<a O 
• 5 &0 

^■3 



5 c d 

CO o 
CO in 0J 

9 cd _ 
■3 0,03 

fl h O 

bo 9 d 
os 2-5 

cd d £ 

a (3 fl 

5 U CD 

cd d ^ 

— 1 _ CD 

os S 5f> 

u O C3 

<D "J3 
^^ 8 
£9£ 



i .J- q o >> 
■§ 03^^-° 
-^" M '£'d'9 

OS ^^ca 03 

£| £ ■ ft 

$ >- CD CO 
+> S'.u X CD 

9 2 2 « H 
2 ft 3 .2 
2 6 * 



c« 



^ c3 

OS' 



CO CD 
. - O co 

Jj C3 O 
CD ^ 

• £ - 



6 a 



$|£ 



S §c3|^| 

J3 CD C3 -d 

<i TO CD CD C3 



U ° CD 

d-w d 
S § 8 

as* 

os 5 , 

_l3 C3 ^ 
O 

os 9 

cd5^3 
-5 CD 

cc> 

O S CD 

-gS^ca 
■d cam ^ 

5.43 fD CD 
CD-Q 

M A d S 

>i O tt CD 
ft CD C +" 



* S 2 
cs o 53 

2^S 
^c33 

■° 23 

T? fl *- 
2.2^ 

o* d o 
£ B 03 

d^i 
S fi * 

^■K cb' 

co co^ 

3 S 
C O co 

d • /H CO 
^ CD . 

CD ?. CO-^f 

M 5P do 
o g-fl^ 

M&>9y 

d'S 3 



d 03 
E 3? 



^^ 

* rt bo 
co cl 
CD.d. 
S3 > 
3 '53 

CD <p 



C CD 

o a 

13 g 

> o 

2m 

ft d 

s'-Bjs 

d o o 

a, ft CS 

-2 cd s- 

CD ** d 
CD o O 

-d -rt_ 
EH ca os 

9 CD 



' — I _i CL 



CD S n? CD CD 
CO CD CD '^ S-< 

v 'dxi"S cd 
• S3'? 5 g ft 

2 a "l^ 

_ OCX! CS S 
!3 -2 CD J CD 

cSg^ Mft 
^ d _ Hs "" 



*> 



B >> 



>,i So 

OS CD ^ 

d^ fc, CD 

d 9 

£ 9^ 03 

&1§9 

2o3s;| 



^>J3 



2J3 « d 

d-S O.S 



CO . 



CD 



ca 
CD o >> 3 

U ft CD-T3 

EH co -tJ ^ 

^ m d 



* ™ 9 

2-9 § 

» a 9 

CD >J X 

OS cs 



CD CD .3 <S 



13 
lO-d CD 
00 ."d-3 

^Sc3 

CD ft 



CD 
U 

C 

o 

bo 
G 

"C 2 

s 

ft© 
.2 c 



(-1 ^^ 



i 9 

8.0 

ft.fci 



bo «•- 

2 © ca 
ft o_ 

£ bo « 



a S^ 
S2.S 

C O CD 
1— 1 co U 



O CO 

a. S 



c S 



35 



£ g.g 

a s§ . S 

2 a -3 S -S 

o ° « a -a 

5 co 3 to Q 

5 -a-* "a 

_ x - e s> 

■3 B *» 

'E3 8, 






!-f=^ > 



5.3 X 

° ft* 



+J CO CD, 



B<-3 3 ^ 

xjS-a § 



g J cd 

CO 5 * 

«£•§&*■ 

<D ft <ti . -u 

*Z** co S+3- 
» ^ fl) G 

3 « g'STS 

c cd-^ ° cd 

-B CD co -1 
-B.^ ce 






)H co 
Ph CD 



II 






ce ca-5 

P^-B H 



.£<ce 



, -"B Sh b 



of <» 

S ® 

3 -2 "6 

as "8 ffl 5 



o h ct s 

. u H 



2 a 



Q (H CD r 1 CO 

J r-TS CD tn fcj 



S'S-a 

ca fi co 



CD CD 

3 ~S 
..3-2 
co crcG 
ca cd , 

tj o 

CD CD 

a fo-3. 

_2> ft CD 

?2 ca ."S >> ca < 
-a^ B 9 _ 
10 ca 

co ,2 



S.22 « 



; a,3 



! Sc2 

> & cd 



J) i o 

CO PS _£ 

o cai3 

CD <*-< 
•2 CD.® 

3 C»*i-, 

T? co 3 

s a „, 
2 aj-a 

to 



CD " 



2,<S a <d 
bo a>F-H 

cd o _o 



&3^3R' 



,B- 

o ca 

CD ■— 1 

co ce +> 

■3 3 *H £ 

£ « Si 

.no* 

ca ft-M 



^C75 



tg> ca 

Q;3 
bq 3 



-2 a'S a S 



CO CO.JL 
CDT3 43 

a fe^ 



^a o 



S.SS^-2 
* _2cc 5 _S 



^.§-|, 



^3 



to » ,3 

® c^2^ 

cd£ cd g-g 

r 2 tM — 'P ca cd 

3 ° £:££•£ 

tM +j CDX5 o 

a £ 

2 >> 9 ■« 



fj 


U 


-a 

CD 
T3 
3 
1 


ft a 


CO 


cm 


CD 




ca 


ca 

CO 


T3 

a 


bo 

+3 



CD 
ft 


O 


ca 


cfi 






01 








CD 


V, 


to 


CO 


>> 


0) 

"cO 


Z 




ri 




n 










>-i 




u 








u, 


fl 


a) 


hfl 


CO 


r3 


CO 


3 

a 


ft 

m 


O 




3 


CO 


is -a 


a 






X! 






rH 


ca 


c 


hr 


CO 


CD 


CD 


^Ti 









43 





ca j3 
a£ 



2^ 











a 




+J 


X 


.5213 
axi 


bJD 

3 
X3 


UJ 

CD 
3 

a 

CD 


O "3 

-^ ca 
=3 a 


CD 
> 

a 


CO 

a 




13 

CO 


cec/J 


> ' 
CD IO 


CO 
X! 
CD 


CO 

a 


-a 














UJ 















h 




m 


+3 


CO 


CO 


>-, 


4J 


£ 


6 


CO 


CD 


CD 


CD 

a 


CD 


-O 





« ia 



a> ca ce S 2 co 

m a S R 
a o? ca ., o 



;a o co-Sra bo ^ a>- 



H-3 
5 



o « ft o +0 •; 



S5 

ca 

£3 

1—1 X 
«M Q 

O 

a "8 

!« 

ca o 
cc o « 

■a Dh & 
e * 

CD bfiOl 

S'.S-g 

CO 3j= 
.OH 



"3 

so 

O 

a 
o 
fa 

Dh 
J* 

3 
£ 

'3 

j= 
u 


Multiply the value of the credits by 300 
percent, instead of 200 percent (to conform 
to rate changes). 

Effective date. — Same as rate changes. 


Increase the penalty to the greater of 
one percent of the aggregate amount in- 
vested in the tax shelter or $10,000. 

Effective date. — Date of enactment. 


Increase the penalty to $250. 

Effective date. — Returns filed after date 
of enactment. 


S . 

0) 

% 
3 
O 

X 


_o 
'tn 

'> 
o 
fa 
a 
o 


a 
o 

CO 

■> 
o 
fa 
a 
o 


a 
_o 
'co 

'> 
o 
fa 
a 
o 


"3 

to 
O 

a 
o 

fa 

a. 
j» 

c 

'to 

V 

fa 
0. 


c 
_o 
'to 

'> 
o 
fa 
a 
o 
S? 


a 
o 
'to 

'> 
o 
fa 
a 
o 


c 
o 
'co 

■> 
o 
fa 
a 
o 
Z 


J 
c 

V 
to 
01 

fa 
0- 


Tax shelter organizers are required to 
register with the IRS tax shelters they or- 
ganize, develop, or sell. A tax shelter is 
any investment for which the ratio of the 
deductions plus 200 percent of the credits 
to the cash actually invested is greater 
than 2 to 1. The investment also must be 
subject to Federal or State securities re- 
quirements or be privately placed with 5 or 
more investors. 


Specified tax shelters are required to 
register with the IRS and obtain a tax 
shelter identification number. The penalty 
for failure to register a tax shelter with 
the IRS is $10,000 or, if less, one percent of 
the aggregate amount invested in the tax 
shelter (but in no event less than $500). 


If a taxpayer invests in a tax shelter 
that has a tax shelter identification 
number, the taxpayer is required to in- 
clude that number on the tax return. The 
penalty for failure to do so is $50, unless 
the failure is due to reasonable cause. 


E 

01 


e 
_© 

"3 

fa 

'So 

O) 

fa 

fa 

O) 

~S 

.c 
to 

X 

ca 
H 
cni 


fa 

V 

CO 

'Si 

O) 

fa 
o 

o> 
fa 

_3 

^ fa 

fa aj 

a£ 
r *> 

H to 

2 x 

S3 


4. Penalty for failure to report 
the tax shelter identification 
number 



*E 



ft 

co "^ 
Sh 01 

~ S 



s e^ 



0) 


o> 
1 










-C 


a 




u. 




Cfl 










m 


m 


0) 


bl 




Sh 


d 


0> 



&q a 



U 0) 

B Sh 

S 5 

S c 
* _ 

I " S 

• B 
S fi 
J-TEb 

a 0) 

-O 

£ to 

•S3 cS 
O 0) 

hQOS 



U 



co™ cs a> a> 



cs jb ft." 1 _ -9 

9> H^H S>fi * 



ty"^ jj oq flj oa 
ai a o> * XI "V, 





o 


CM 


to 
B 








B 




B 


a 
t3 


to 






"^ co o™ CS 
T3"to' T3 92 S<=> 

S c „ [J tiO 

S'3 2 § ^£ 

ft-S 3 si ^ 

ta'StS 5P ° 
BOSS'S § 

Ol^Xl 0)' rt XI 

-3 3 § « b B 

tf « rt - 3 * 
Si o>X ,* 

S sh t- 1 o> oi 
.2 * r / s--B a 
B E° S -^ 3 

JS in CD "^ Ol to Sh 

O <D >e*-3 3 cS 

■S.S.sS8& 



A BT3- 

3 ^-2 
to>B eg 



-.5 

<"> Sh O 



e'-SBfi 



cd g 

b ~" a 



«o.SS 



o H a) 



5 £« P 

hO<3 

°<S : B 
C3 rt 

^ so 
H oi : 



Oj 



« SP2 s- 
-b SfJ 8 



^cfc ft S « cC 

*™ « 

x 2 a -s -<" >> 

d cd-^ * *g-^ 

to||1 s.g 

.S'S « cy-M a 

S S C CO to 3 
£ "^ B " cs o 
O co "rt -*j ' — i 

t» ffl 2 <4H <B 

« X 0) 3 OX 

a .2 oj b -g-^ 

^Bg| 8° 



a .a 



T)U*i C s 5 



4J 01 B 



Cg to 

1-1 3 



CO o CD 



E 73 

"-3 3 
co «a 



CO G> it 

CD H 

rt to 

s§.s 

RS _ S 



"3 -^ - 

TO CO - 
N O 



■e s ? 

9) fe S 
cS-o 5 I 

as a-i 



-5-SPS 
•3 c 



■a a ° 

c a 5 

CS.Jh CS 

•- O £ 



-^css" 

+j Co O 



j-i " s 



J3 CS 

23 s 

£** 

C -U C 

O a) C 



"g a .-^ s 



9 -a s i - 

•-> 3 > g cs 
■a o-fi 



03 Cfi ' 

_ °.B 
-a o - a 

J§ S 

•3 cs cu 
S 3-3 



.3 »'. 



.2«» 



"3.52 X? o 

^3 J) to +j 
co cS ' H ,+j _- jo 

.-a ££«« 33 

,-j fc.fi j9g 

^ &2 2 3 

CS.3 -G >.^3 



a 

« ,3 3 2> 2 

• -"Sxl -ago 
■£ 3+5 >> cd.2 co 

E3.S _-Q S^ « 
£\fi *" S 2 » S 

S 3 "So" 1 S ■-5"'° 

r lnliUli 

O CD CS— to g ^Ig^ <D 

e*-^ j- >,» 0) ^ o 



13^3' 



& ° 
CS <D 



- 6 >>S 

-a.pH a,^ 

5 c cS 

cs n i-. ►. 

. s-< o a> 



Nil 



<35 



.in +- y 5 

-3 to cS o 



3 £ 



LO 






33^3 


be 

3 


CO 

3 








co fe 


-a 


o 


0) cS 


<D 


Si 



<0 a; Si 



3 . 

CDC5 

5R 00 



3 


6 


a) 








X 




WQ 



i3° 

3 O 
<J co 



o B 9 



a, as g? 

6 _. 

E 



3 d g J3 



cu 



ogHga. 



-2£„s g< 

3«"«S 
•3 o S aj . 

13^3 g go 

4) fl g 3 q 



a. EH 






"3-2 © 



* o J? 

CD'S P- 1 £_ 



p^ a> co -3 

IB-H J) O g 

g-g^ P.;5 

* «, 

cp 3.1m J" aj 



■"■fi^ 






a3 co 



T-, 3 cs 

13 ^ 



cu >> 

> c 

ijZi -*^> T3 m " !> CU 

55 S » 2 t^ 

>>h S« 3^' 5 S 
cu ^ 



5 CD S M • 

<S!3^ 



«J .2 3 
CS Si O 

J3 ftU 



5g 

J3 CS 
■C'P 
"^ o 

-a g 

'&1 

CD o 

3 taD 
.2 C 

3ti n 

^ 3 is 
o <u 
o-o 



CS 3 
H - 



O to 
2 to o 

.sp as 

J <1_CS 



O 



3 02 X 01 

^ rrt 

co 3 t-i 
O o o> 
ft-rt cD.fi 



» Of 

-d to a , 
£ CD 3: 

-3 . X- 

. >- CO 



SH-55 



4J CD 

*-< -. «* ** 0> 
3 3 * <D.£j 



i _H 



O 



^X^rrt^ 1 



'5 as 



~ cd co 
>> « > 

o a « 

c^ x 

3+j"^ 

ST o-o 



3 - C S 3' 



CO ,-H 

ho E 

3 !>, --I 

_ * ^ 

'o> E ^ 

to — 3 

3 a, 3 

3 "3 CO 

8 I 7 

Oi cu «3 

3 3 *! 

Bh "« 

3 5 0) 

' ° ■§ 

CO ^ •<" 

a, s- 

3 

o o 



3 11 

CD 

§ OS 

3 K >> 

~* CO CO 



cu 



cu 



■5 CO 



a; to 









,2 

o> 
^|c0 

n "is ■" 

O O CO 
3 CD*" 

<3 & . 

-2 3 -2 
co E o 



.2 °-s 



t+M tn a 



co "-— ^ 

CU to bp co 
-3 -ih T3 to 

'> CO 3 tn 

d o ° 

HEh « 



CO +3 

tfl -M 
CD CO 

12 CD 

3 to 

>-3 a 
_, « 

•2 ft 
~ a> 

• h ffl bo 
(D « S 

ft ^.5, 

"eg »- 
-*J ^- CD 

-3, 0> -If 
u 3 8 

K S « 

o .3 > 

»* CD CD 
P-i !--5 
^^ CD CD 
£J-° 8 
O co 



£? 



to 3 „, 



O CO co 
O ft CD 



323 o ° 

Om W IB 

3 ^ 
cm cot" 1 o 

3 a - 

'S"S s c 



cd^-g 
c— CD 
-3 to 



£<S*1 <3* 



•c «-• 

_2 cd co 
t3 ftc 
3^ ° 
<CM CO 



a3 co £ cd 

, CD CO 2 

+3 to a> 

to C 

CD CD 3 



C Q Ots 



ai-n 



^3 



S '3 =S ; 



u E 



<3 -rt ■ 



.CO «p^ 3 



CCS ft 4) 



cu . 



O -5 a 



HH-f 
<D t-H , 

-^ ,3 x O m c 
^r-i *3 t> - 4 - 1 CO CO 3 

c ft 



£1.-8 ftx is 3 J? 



2 8 

bo • 

CO ;3. «J 

bo CD o 



to O 

CD'S- 



B-C 
CD-" 



t< "S to 

^£ o a3 

CD-° 



bjj ' 



CD 



bDj3 T3 * CD 3 
■ m ' 3 53 0) J3 CO 

3 to to SKim'h 

CD *-< fti— i o '3 

ir 1 3 co o F 

So* 11 CD >>SP 

bcD e-.a JS eg 

^-■3 CO 2 C v+i g 

^i6 S E &c3 



■ •= CD CD 3 
ft gajX! * 
E-3^ m co 

-So 55 

t Z* 3 
3 O CD ^ 

U fc 3 3 3 
CO i*0--CJ 



CD 



£,CD ft 17 ^ 

H 1 *- D ft ^ 
— fe ^-3 

2 CD^ 



S_g-Mt3 
ft cd ft r> 

C0«5^ 

1 I 13 

sSSl 



^ 3 co£ 

co .2 



^ft 



"a'-B'S-S 

CO 3 — 
^2 ftCJ to 



g:«' rt ^ 



3TJ.2.2 
2 o^^^S 



! -C CO 3 c 

, "^ f_i •— J B) 
I CO 0) >^ 

> ^ e-i -^ .-a 

' o . o a) 

'3332 



E""° ra"ca 

t_. K S-| QJ 

3-23^ *-3 
^ +3 § • S 

°m a ■£ 

T1 to cd • 

S.-5 S ° -is . 

J2 CD^ 



-P"3 oi >, o „r in 
B-2JS C"-^ 9J a>. 
g^-^bo-S^ 

° 'g S ■ S ,2 O . 
CO c3 



t,^: oj-p i ^3 

-2 o3« 2 i? o ^ 

Srd a a 2 8 =*- 

■fOo-gOQ "3 



I— ] 3 5 

Si, 9 - .2 P <u 



n J O-SO 

cO bo 1 - 1 S«t 
»5! 3 X co cfl m 

a? co cu^x-S H 
3'C"co 2 3§ 3 

3^2 3 3,3 



'V- > ^W _: 3< 3 

^P2 rf ^ 1-3 

to ^ X fl-c"S^H 



co 01 >> e -3 
o_.2co 



£ "i ." * 



.e-§6 



3 bo « CD 

"3 3-3 

30 

2i^0.2 



3 3 

S'cj 
3 o> 
2 ft 
CO 
CD cu 

- ft's 



3 £ 



13 cb-2 2 >^i 3 

•rt co co^^ to 5, 
0) 3^5 -*= 3^5 

M .S £ ||^.E 1 

S O 2-3 2-3^ 
+j ^ +^ s ai , 

t-'-O 3 3 E 3 8 

h oi So s - r 3 01 

3 w 0) 0JT3 

H 3 to ST3 o^ 

2 § 3 bo " o a, 

3 0> ft 3 2 #3 
^|^3g§5 

>- bo H r? CD +3 3 

Dh'-ScS 2-t3 CD ftco 

rt4J * ft -m 3 

5J.2 3 O g g 3.2 



5 * 

o e 



O s^ 



K eJ 



S-e, 



1| 



.SB 



•5 



■SP Q tj 
to cd , -rt 

8|-sa 

-S £ n ft 

a; o 5 ii 

"O s . 

•£§ S £ 

jj 3 a> B 

O « „, 8 
Sa^* 

■a g «^ 

Ph o So 

&§ £ -S 



^ ° 
"S > c 

•3 bo-g 

° a« 

m HI'S 

3 St! 

^ cS "H 

|J3J 

£*£ 

■Siifloj 
.• O J3 - rt 3 

o cd 






^ 3 



en o 






•SB 



•^ 3 
o"C 

a -" 
^j cS 



* 3 



■ rt CD 



S 



° u S 
cd J§ 

ft 

CO 71 0) 

3 cS,B 

fl CO 
5 cS-^ 
S y cd 

£5 CTJ 



3 3 

-d a> 
go 



SJJSD 
T3°^ 



>> CS >>,B 

la'll 

B.5 O <0 
■J3 e J3 



US « & 

3 «S S 6 cd 



3.S-* 



co &p3. 



^a*^ £=~<~2 
^.S cd *3 g cd 



O >-J5 



o c o 



13 ft 






cS- 



cSr 





q tn 


J c 


-(J =4-1 


"2 & 

S R 


cS 3 


«? fc 



H-p'B 



0) CS ^ 

S 5» oj 



£>E 



cd ®g3 
■iSe J? 

-55 ca 

es 



03 



cd l:-S-3 b-Q >i ° 
£ ^-S^-o^.5: g <u 

O ft co en S a 3," rt pj 



•|5 

•3 coCO 

S 3^ 
"gc3 



>» 3 o cp 



to ft 



cS cS 



ft" » 
X ° u 
CS o' 



Jdj S o S 



a 5? 



T; 52 



g cS 



0) 
CD T3^ 

ft tf S ^ S ^^=3-3 
o> <d g 






- CD 



CD C co xi 

ft 3 '3 cS 

cS-3 

-S E S 



►.oj cs §cc o-S 
'Ti =S corS.55 H Or; 



CD 



<u 



^.■3 



» ° 3 

►S.S be 

I B'fl 

«.2g 
a cu $ 

S^ cS 

Cj -tJ CD 

fe-ft a> 

CD pO 

U CS 



^ 



3 CS ci 
cS g cS 



bo s 

3 B CS 
bD 3— ' 



Op 



>H 3 

3 fe 



co cu 3 
CD £ Sh 

bp ft. 



fttJ 

>,£.$ cd£ 



cb 3-3 
*- coj^ 

* |<3 

«4-l CD g 

£3ft 
3 ai E 

812 



O cS 3 



SV_ 



c3K 



fl O ug 



CD r CD 



" fe S 



hi 2 bo 



CD C 



3 CD .3 



oOS 
.-h bo 

h B ■ 
co ^> a; 

S'S a 

^3 2? 



gj Ola's 

CD "3 cS +j 
"3 3 „ 

aJ 3 



5°S3^ 
3Eh bo-B^ 



"loo 

CD BrB 

5j.a>^ 

_rf co ^ 

•H 0) g 

^^2 

>-> 3 -+3 

r° 3 -a 

tt PB § 

3 2S 

S-3 CD 2 
CD CD > 3 

.53 .53 o s- 

*3 +3 bo o 



csSB.^ 
l M:S iB 



X &1I 

Oh 2 ° cu 
^^133 



3 y 3 



2pB 



CD E-H 



■e -"3 in _ 

3 CD>-3 

.2 8 ^ 



c a ai 

j3jO 
CO o 



^S Plo >>p 
K 13 cd cS H 



cS cS cS B 



"tt as 

s.s 






Wl 


o 


C 


3 






> 


CO 



s- 

0- 


S ^> 


e 


u S 


o 


cu .3 






cS 


<-.« 








►."« 






c 


■a © 


E 


e cd 


-a 
< 


1^ 

< c 


X 


a 




H 





cy w 



3 CD CO 

< 30i 



(Drag 
hn O-P 



'. a a 

41 0) R 

lis 

•^ CD o T— I 

U 1 " J) » 
.») O-pH 
3-~ -. C3CO 



"S'o.S 



■« k 



ffi 



GC 



| 

ca 
PM 



r£ 

P 



^^3 CO 

m ft 

St3 S 



"m CO 

6 2-5 

o St; 

O CD 

CBT3 



« a 

co-Q 

£ 6 



^\2 



ft.2 



iSo^.S.ao 



2 S crof 



: co m, 3 



co p 

0) 

S § 



.5 >>3 



c ca cu a 



ca 

S.g Oh 



Cl CD 

8« 



-3 ft rt o 



-C c iS 



o ft 

'E s 

a CD 
CD x 



**> cx> 



cg-o^-a m 



3qu 



bj" = i* 






_g cs 

rt to 

jg a 

1*3 CD 

6 






W3 o^' 






> a ca 

a 6 
o> a .a 



35 



4J 




in 


c 


CD 




a; 


a 




bo 
cfl 


a 

CS 


CU 


"5 


a 1 


g 




cl) 


o 


Co 

a 

CO 


g 

CS 


a 



a-ca 



cu era « 


co 


mob 
ated 
tomo 
ibrce 


co 
Q 
1 


3 £ ca co 


cu 


"".g a j* 

a ca ca 




««« £ 




OM „>^ 




8JS S O 




&r!!& 


^ 



T3 ca co co<+- 

-S k i^ 2 

S ca ffs 3 <u 



■5-2 ffl s^ 

-^ « Mo <D 
co cu cu a 3 
CU 3 r< .a CU !-. 

a co^Ta.a K 



c o' 



o Q 



a°c« j » « I 

jPfj 
g a, a 



O CO O 



r* M " a ^h 

c -1 j3 3h ."a 'a -t-^ 
££ £ 2.S 



>, a" co" & -if 

ft-g ca > 

a CO > CO cu 

S 8 ^>> tB 

6 c.2 co 
co o ^a z* ~ti 
ca o^s g 

si coc^S I . 

? § S£;a<2 
« ^ ca H S* 

>, -S § « S 
2> co a o co a 

D,c£ c^hT3 cu 

co .a -u ^ 
co a a B-Tj * 

.0 j= a cu -g o) 

h ^ fl X 5 > 

> 2^ s gs 

a ca ca o-a 



§gg^a^§ 
a; co -a+3 

,a j3 o lo 



j "M 



fc«g a^-^ S « 



cd aa 

> CO 



a. 



CO CO _ 

&SS-a 



5 ca £-2 J3- 



lh .x ca cu a - 
S..2 . a.S>. 



£ ft^n CO 



— CO ' 



n^H _co ™ o ca ^5 

DD ca CD ca^3 n 

B -y cu >> -a 

— • - s-i fv» v ca 



J-r 1 CU o 1— 1 



°.2-2 



= K ft 



5?-^ o a 



.siJ.S a 



to 


rn 


CO 


-a 




a 




CO 


^co 

3 

a 


3 


CO 

> 


Co 
> 
CO 







£ 


a 


a 


a 







a 


a 


Cl) 


O 




-u 








S 


.a 






CJ 




CO 






-2 






en 


a 








E 


a 



a 


c2 



a 






crt 




r 








a 
taxi 
a a 

co co 

J g 
. 


Cu 
CJD 
C3 
& 

-a 
c 

C3 


Co 

ja 
ca 

Ch 
O 


a 

a 

CO 
CO 


b 
a 

CO 

Co 

.a 
a 


















CB 










.a 




(-1 

■CO 

a 




Co 


s 3 

OTJ 





% 




co ja 






a 






he 3 


a 


c 


-a 


a 
















a 





CO 

a 


8co 

ftK 


T3 

a y3 
-a« 








ID 




u 





a S-o 

co a c 

s co 

* oj ft 

ft 2 co 

co 5 3 

3 a co 

c/2"^_co 
co 



CU 

e s 
o c 

'£ o « 
ft w-S 

s g £ 

* .a g 



cs 


l> 



















a 









E 




•a 




CS A 




cs 














a 


a 


a 





cs 










s 
u 


cu 



co ft 



O eo-3 



c = 
.- cu 

a cu 
cu a 

Us 



73 

CO 

O 

a. 
o 

U 

a. 

to 

"c 

CB 

£ 

Sh 

'3 

J= 
O 


Same as House bill. 

Effective date. — January 1, 1987. 


Same as House bill. 


cu 

CO 

S 
O 

a 


Modify withholding schedules to better 
approximate the newly effective rate 
schedules. 

Effective date. — January 1, 1986. 


Require a report from IRS to the House 
Ways and Means and Senate Finance Com- 
mittees. Report would state: 

(a) Who can participate in proposal 
and who cannot; 

(b) How the proposal would be 
phased in; 

(c) What resources (computers, staff, 
etc.) are needed; and 

(d) The types of changes to the Code 
that would inhibit or enhance the use 
of the return-free system. 

The IRS should also consider whether an 
in-house test of the proposal (not involving 
taxpayers) would be beneficial. 

Effective date. — Report due in six 
months. 


73 

X 

O 

a. 

o 

C 

cu 

!S 

'33 
cu 

u 

Oh 


e 

_o 
'to 

'> 
o 

ft 

o 


Provide the IRS with the authority to 
implement a return-free system for individ- 
uals. Taxpayers who meet certain criteria 
(relating to the complexity of their returns) 
would be offered the option of not filing an 
income tax return. Instead, the IRS would 
prepare the return and compute the tax li- 
ability of the taxpayer. The IRS would do 
this using wage reports currently filed 
with the Social Security Administration 
and information returns currently filed 
with the IRS. The IRS would send the tax- 
payer a report stating the Service's calcu- 
lation of the taxpayer's tax liability. The 
taxpayer would be free to challenge the 
Service's calculation of tax. 

Effective date. — Not specified in Presi- 
dent's proposal. 


cs 
J 

s 
cu 

to 
cu 

b 


Employees can claim withholding allow- 
ances on Form W-4. That form determines 
how much in Federal taxes is withheld 
from the employee's wages. Withholding 
allowances can be claimed for personal ex- 
emptions, tax credits, and estimated deduc- 
tions (such as itemized deductions). That 
form remains in effect until the taxpayer 
changes or revokes it. 


Individuals whose income exceeds speci- 
fied levels must file income tax returns 
each year. Generally, these returns must 
be filed by April 15, unless the taxpayer 
receives an extension of time to file. 


E 


I. Modification of Employee With- 
holding Allowance Forms 


cs 

H 

cu 
cu 
u 

fa 

c 
t- 

s 

c 

o 

-c 
§,£ 

cu cu 



iSss 



o 0> 



S S « a 

£? xQ a) 53 

cd o $, -m 
C at n-.fi <g 

e 0.-Q --i co 
Sofia-* 2 

J= 2.5 ---2 

O 4) " o fl 

2— tm ca 
r 3 2 fi M cd 



01 . a, 

-9 oo ca^' 

*2 £~- 
ca ^'g 
H ^- « * 

CO 3 jo 

e <d fl 1-1 

TS-O -w . 



<$£ 53 

el. 41 . 



T< rr. CD -u -^ ■ 



<M CD to 



H 2^ 
g fi 

g 4) 



at X 
^ cd 



CO • 

S O ft tH 

" ajiG a) 
<£> ." S 

*N .+J 3 a) 





m 


CD 


Q 


o 


-a 




cits 


cri 


c 


S 


0) 


0) 




>>.Q 


1* 



Lam's i * C B 

3 CD c§ M co 'S .2 . S 

CD +J K tx! Cd 

L>j=! n „tn IS *^ 

5^£^g^3 a <s 

O "^ £ -!-) ^ m -rH 

04J co - ' rt ii< Ja co 

§»6-S fi a -8* * 
« o.c:5 2 s- 

£ fi'Sfe* 3 3 a> 

543.=. £►-< ^=g h ►» 
: B-9 j-S *■ § 

a* 3 g^'o a. « » 



SS 



tn as 



" y W w ^ qj 

) 3 *i .a "" "^ 0> f> 

.S 43 cd +3 cd .Q o cd 



43 £,2 C^-2 

" ^ S - 1 

0) C 3-fi • >> 

-*<: g " <u 

S. O rQ 

CD OJ c ffl "J3 

•5 S §5 0J^ 
ErS'S £ o 

CD^ 3 s ° ° 

3*je S j3 

> 6 O ^ >- CD 

co at— <S X13 

i?-a-S3 -P 

"5 Si e fl 

W ca ca 5? S o 

E£ S9 = 






2 ° fi 

Oh O C 






CU eg 



c S 

/TH H 



ca cd 



0) 



i- CD 

ca.fi 
c a* 3 

O a'f-' 

c >H.a 

1-1 2-a 
=2 -3 



E- in 



1 3 a g 



-^ si-5 8 
3? tt<» u 
*lo 2 IB 

x-p; o g 
.3 * 



.St-" 
00 

CD Oi 



cd 



be 



IMS 

hi 4) O O 

? c 8 

CO Sl--lX 



t-S-S 

00 ^> nj 



en 



£ too 
P S°-o 



CO 



djco ro 



coo 
uJHlOO 

,t-o 



0> 3 3 « § -$oo£: 



oo £?£ 



h h : 

O O S S 
o o 3 ct! 



*oo ! 

BOO Si 
r-3LOlO X 



-j^6»s- 3 

? o B 
cb _S 

«S^ 

o o CO 

.3-1 

±jx£i 

CO fl) 

s,-g.9 « 

P !P 

X is o 



u. 



-! CD„* 

-3 0) 

>? 3 CD 

a «.2, 
"^ 53 -^ 

TO 3 
CU CD jo 

o cd-^ 3 

£r*g 



.5 5 3 

Q) 2 



cu 



^2 
213 

3 3 
OT3 
fs 3 



3co CO 

~ ^ X 

U 13 c *h 



^O IJ13 

-3O C O 3 

X co C Si 

« cl a 8 

-S 0> '-3 ° <© 

3 > 3 _ CO 

cd K si 2 , 

8 few 5 " 



a 



CD O 



CO 



"O o o 9 ^ 

e 00 m 
§ 0-0' S 
rg 10 10 x 



13 O JOtc w 

.2-S£ <o.g 

"O C ■ o CO 

-a 00 o q, 
_, -Ti q- ^_r 

5 CDLO CD O 
< COCO^itg 

OCOXtt! 

ft&O- CO CD 



3 co" 
00 

d) C7i 



00^3 CO 

as si 
'-< * — 

- S CD 

1-1 XI x) 

^2 c 

X 1 C CD 

1.32 

^ 5S^ 

ca 3 

U CD-° 

^93 



S 05 to . W*2 



~* ■.« s. """ ' ° 

s-aSco^i 1 



3 CO 

<D * „> ■ 
^3 >^KiS 



1 CO 1 CD CD 

T? Si TO —I rj 

£ CD Si-Qij 

rQTj O CO 

o &S o 

'S^ O^ ° 

8 ° ss- 

C CO ra ""cd 



5-8,2 « § 

CD CD B 
jQ CD 



^ -rl 

Pi CD 



3 £ 



O CD R 
■S.fec» 

p 05 



T3 00 



'-Q "5 « co 

coo ™ g CU "ij 

si ot d i: c3 c?5 -S 

g o-3 » B°^2 

>>flQ.«H CO 
Q > rt HH_u /1\ 



&H 



CO ^ 



C fl'S) rH 
co'co 



CO en 3 C ^^ 
CO *7 * cd 3 
OhTJ >iU O^ 



CD 

Si 

a, 



J* <$lO o . 

H & bi)-coiS 

cq g en 

s s ^.2 3 



, T3 fl ts CD 



to CO 

Pi 



^ I "a 



CD ^3 -3 
<" ^3 CD'S 
co T3 )i 2 

£ CD "3 4> 

£ S g b 

cd cd cd co 
+j'3C/3 

CO Pi CT 1 !— ^ 
Si CD CD 1 — I 
CD O 

■s >;2 a 

2-8 M*" 



CD CO 




CD IO 00 LO CO 


lc?a> 




O 


^1 ^ICM CO 


g| 








^ 










"^ CD 














■3-3 




























3 3 














Oxl 














|S CO 














CD 5) 














ti« 














<u 














o^c! 




CU 




c 


■ 


3 




ft 






rn - 


O : 


2"* 




to C 

5c 


.".0 

LOO 




K 


Si" 

0^ 


t-o 


=5 




•"^"Lra" 


O cO 

Si Si 




c 


*» 




-QOC 


a 


8OC 


O Si 
LO X 




t^ 


■M C- 


3 


CO 


V 


)-€^ 


)-V 


J-U 



0..8 



3 -i g cd 3 Si K 

.2 ® 2 2 a 

-3 2-8 &'+> 3^ 

CO C-rt-P to . CO 

03 g2 01 Si gco 

f« O ^ _r> o o 

5 BS"S 

J«blifi „lo cO 

-3^ g 8 23;^ 

-a co-s c 312. « 

_*" O co^ 3 
t3 rt O +jco — _j- 

3 co^ g 3 CO cB 

2a-^ 5.ss 

rR <D «2 -C 3 +J 

BlU -^ > 5 C 
tS cd c0 6e-r3 > o 



3 z£ 

'^00 
CD °^ 

a^ 

o ~ . 

s » 

• 3 >, 0> 

»5 si 
00~. 

S <D=a 

^22 
f" S ? 
7 to o 



cu ■ 



CJ 



a co .s. 

CO c-J 

5j cd ^ 

■n » 
Srag 

5 js 



>^S| 



bo e 3 OT3 
• S o.SP^" 



co a^t^is* 2 • & SL ^^^ 



CDS 



'53 a » "^ > 3 § s 



a a — 



CD CO CD 



CD -3 

S<'S*J Si 

-3^2 2 



^^3-3 3 u 



. g CD >»^3 



> O co 

> 5PtD 
to +1 _B ji 



T3 CD 



CO co CD 

siOs u 



CO 



ffl o g a) 

Uiip 

§8 a ^ 

<-! cO ■ 



c3fe6B2 



o g Di- 
•8.P s- 



S^' 

.25 



333 



i-o 1 3*o 2 rt 9 
1 x cr cd -c co i; 

. (11 w Si CJ TO 

CD 3 CD "^ 



3 --3 ttD 

.« a .9 

>> a 3 

§82 » 
I 0=3 g 

CU Si Si ^ 

u 3 CD COC- 
=> be 3 cOCJs 

'£fl^ H 

^S 3.8^ 
^ bpopti h 



CD CD 

S2 

5^? in 

LO ^ 

£ 3,2 



T3 „ 

ft 8 2 

ttg 3 
P D CD 

Oxs. 
3 3 



•OOO : 

CO O O O J—, 

"io'o 



*o o o o w 
eo ooo_ si 
ij lo"lo"o"l6" ¥ 

r" CN CM LO t- X 

tX c/3 C/3 OS C/3 <J 



tn « y+J w 

a«Jk22 
a^°3a 

•3 g co St> 
.23 cd o -43 g'tf 

X IIS 3™3g 

5 ills' 38 - 

^ .3 TO. 3 CO C0 1J ^ 

S23"^83 

H'So 3 



2 6-j 
xi ft.g 

3 g-O 



1 ^> CD i.i co ■ 

cO jh +3 3 g CDiG 

g S 3 <D.£ co ■ 

aa ^-^^ gS 



Pi " aj 



s-i 53 *-> hi 1 - 4S 
o e <u -g co 



13- 



o 5 1J 

.co .2 >< 



CD. 



3 3 



2 co 



x» 



ftal S » 3 

^"S&p3& 



00 X-g CD O 
.- 3 3 o 

73 * co -212 3 o-t-> ® 

«2 Si 3 ^ CD £ ft 



O 3 Si 



c a 



3 o a- -^ — e 

o'ao° a | 

O c LO !£ ^J- 5 *- 1 
fi ,-H CM CD OO 

S^CM CDtC 3 
O PSO-X CD Si 



.„ gXl 3 P- 

CUD CO S TO CD n-( 

„0>^'553!»B»>>'3 < ?£' 

S 2 w m g=j«33 4JXt 

§ ca ^-S2">2-^-a 

3l„2 c g.a2g8o2 

g3'«c0bBCD'3 O, CDS'5' :i < 
a <B > tt -rf bD-3 CD bB "^ nQ 
&C.2 CO 2 X-° „ CO JU CD 

"111 -j-ll-sll a 



S 8 o 






co 5 

cd 0) 

— ' > 



^1 

M o 0) 
cdTJ g 

as* 

GC d 00 
m o 



Q 




1 


Cfi 




(X) 




C^ 






« 




■w 


i-H 


















1 


l 



I- 8 

'53 E 

O CD 

0) O 

in 0) 

P 

-a ^ 
G ,+j 

T3 ™ 
'> bo 

a I 

T3 tD 

« d 

CD 0) 



p< 





r/i 


X 


C 
0) 


H 


1. 


1 




<n 


H 


ft 


"a 








o S a) 

__ coxl 

CD *■<— < 

•R ft c 

co ^ ~ 
£ooio, 

oo 



01 CD 
XIX 



C -M 

cd cs 
£xl 



» Q05 t-r T3 



-a 



d 
-d S « 

.5 S S 

8 srs: 



■" ft o 
to q) -u 



5 a> 

at > as 

x „X) 



ft- es -5 



oft 

> CO 

-d a> _£ 
co to *d 

3X.£ 

■d ft-d 



.>^j O to S 
'd a) o-c'-i 3 

Si "d ft ►* 3 

to C t^S" 13 

o o ca "r '3 

ft"x Mft 
o cd -u d 

5-1 & ., X CO 

ft o^"d 
<=> ft d d 

+3 * %3 

_CDX .^i 
T3 -w d 1*^3 

"3 "" T3 Cd 

co:S ctjlg ft 
cd He'd So ™ 

XlnM « «> 

J) CD^XXj 

^eis.a 



£ o c o 
bo co 



cd 

"-OSS 
XI 



£ d ai'H 

-8&§f 



03 



CD, 



2 "3°° o 

s-< .a 5 » 

ft CO CO - u 

COXl CXI ft 

•^ o s h n" 

CD ^-mX ° 

S a) 5 S 2 



.S » » K - 

tfird.g o5:5 

r ^ .w y s. >> 
f^td gjQx 

coxl 1^13 

-, ^^ +j cd 
2 a a 1 " ft 
6.2 «a * a 

5-S^ be CD 

sd^d d ^ 



^ft 

<D 9 

s 
?, e8 • 

«xi-2 

o > o 

r- d 3 

got) 

O.S CD 
•r^ +J rQ 

000 
coo 
-^ d co 

cd— c 

Hi 

COS 

JJ cd j» 

2&° 
£8g 



Qt3 



K| cd 



u CD O co a 1 ^ 



cd' 



si 



tS«.H 

S cd _ 



cd o 



.9-3 i 
d cd 



-m cd cd o 
^S^^cBC 

« -y.a; cd 0-3 



CD ^+3l-3 



cd2 cd $ 



CD-y_0 CD c3<D ftcDXI 



ii CJ 



CD OT3 

> CO CD 

'cd -"d 
o 'd 

0) CD -d 
Sj !^3 CD 

to *d -a 
S s 2 

"d to 

"> d CO 

■u ox) 

OSS 



- ftS-d d 2 
h c m s 



d 5 eg, 



3 -d-d' 



ft-5'g 

CO _Q 

CD 



o c co 



> ° 
- — . cd ^i 



> cd *- cd cd -S jj 
t3X ft cd +3 W 4S 



>, 


M 


a 


s 






^ 




d 




Sh 

CD 

d 


gg 

CD'd 


CD 
X 




1 




CD 

Q 


-d 


cd 
CD 





















CD 














"a 


rt 


0) 


X • 
cdt- 


cu 


hn 


d 


H 


J5 




d 




4-* 






ft; 


c 
d 


!a 


_c 


l-H 


^ 


ES) CD 


2 


cd 




X 


to 


-a 


d 



_CD cd 



a cd 









X TJiTl ' 



- to 10 J^ 

.2 § d o 
^ 2 _co-S 






el § -s 



"d^T^F" ^ 
cu'd Sfe 

S^-dld.2 

i^e ** a3. 
^ «e^ 

c s g°3 s 
2,-d -2 d S 
to.Sxj'd CD 

S-d^^' 
2gS3 g 

aes»^ 

trs ft2 > 

oft -3-5 
O o ftQ 

LOO ft 

00 1-1 cd 



g-a^ ^ 



O O "T3 o' 



"Z d 



2.o^ Fl3 .2 



^ ft 

B CD 
- O 

d 

cd 



^•Sa 



«^P=2 



B? 



h 1 







c 











<& 




-*-j 


+j 


to 


d 

CD 


■2,3 

x-d 


d 

CO 


XI 


3 


CD 


0> 


to-d 


■d 
'> 
■d 


d 



■d 


to 
M 

^d 


-d 

CD 
> 



CO fl) H 

|Q3 

S-d CD 

■ta cd £ 

k ftO 

2'S'Sji 
"S 2 c u 
2«2 o o 

8.-5 o 



s s ® 

3 >^ d 

d§2^ 

">,_'d 
ha cd J- 

ffl*rt -S 

3 -d CD 



■H d cd 

2 S > 

3 p cd- 



3*rt - 
3 .S »w 

o.B-g 

se- >;X! 

X« 

to -p CD 

■ S a) 'o. 



g cd cd CD 2 CKX! 

ciax cd ^< d in t3 



H -rH 3 

CD O 
CJ o 



So 



c>>.2 

XI to 
cd CD 

as 



cd o 

CD 2 

Be to 



'd-a 


f? CD O CO 
CX MS S 




to cd +j S^-Q 





CS fn >'3 >>, 


d to 




a ^ 

c 

d ft 


dw Sfi^ S d 

t< ^0 CD Cd CD .3 


ft 3 S co fcj, ^ 


O-rt 


2 . &S ! „ 



mo 



X to 



Cd CD o 
X_iX ^ CD 

ft^:1«|x 

o u c/3 - j3 g .3 6 3 

Ǥ. g^d^-s 



5- --H 



OJ 



QJ cc 



1-13 n 



So-d2 to s-2 - 
d ^•S-^-d * +3 cs to 

£2cdj||&gft 



&o5£ 

Ih cj u cj 

so i« o i« 
-5 e 2 °» I 

ftati CD to 
2 P 2 



P^ o^t-J 



U *& -+i> "tn 



I s 



ft-r 



£o^ 



£3 g 



ft-! 



2g5*>> 

« o -w fe OS 

3 to.2, a .§ 
)— i 3 3 -ti 



•2 So >, 



cfl 



CD' 



£3:3 



h h $ h I 
^ o> fl O # 

.35 2.5 



W Q)4J CD U 

pg 2 «Jh cs 



.§** - 






5,0 ■ a) 
gft.2 * 

CD -*£ 
CD Sh ft CD 

4)00 *^ -w 

a .2 «r o . 

•rt -^> S CO 

» ai-43 ft.2 

1.S.-S&3 

nj • rt -k^> 3 " 
<D J g *.g 

§'3 " S-o 

5 B JOffl 

cn^j ft'-C'U 
S^'ift 



to S CD ■ ti 3 r 1 "OC 

o^ja ftS § £ «g S a> 

OJ -M +5 O -„ £ Z 2 ■>. 

1 3 e8— cS u S 0J^1- C 



3 ^ o 
O O CD 



? <u ^ s o2-s.S 2-a.aJs 



a3 cd 
|^^S.2g-S^.& 

C jj^Jm-B 3 3 - 

o)o"ft"5c SfTSo 

cS 3 fe u m -B 3 o 

w o o <» 2.3 4, o o 



<-> CD -3 cfl 



B i to 
<3 ft O 

S ,c « £* 

=SJ3 5 

T3" 1 " ° 

id's * 
3 ° 

la's 

lis 

<u o 0> 

Eh .3 *" 



h 2^3 sec 
* n^ els 2 S 

0) S 3 „, o o 



s: 



S3 03 -H 

a p g 



c 
s ° 

3 fc ?a 



CU 
.to 3 g 



® 03 *! 3 ^ 2,2 3 



6^ Q? 

ftg.2-1 

O to fa o 



b£ 



O O 

ft"! 



^.3 Jh to 
ft C a ~u 

o,c2 



0) 

-* 0)3 
■SrtS m 

3 (D o 0> 



^5^ 



^Q i — i 
toTJ'd 3 



OlO-3 

S^ cS c3 
^^ -f to 

^11 



K4343S ?J 

ft^ « o 

to_, to 2 
c«2 3 

CD 3 « 13 

3 1 &> > 

m cs5 8 



8 « : 



-2 "3 ^6 J 

3.3 C3 fl> ,o 



"S ° 3 03- 

3 2 2 is 
■35 S.2 



Cu- 



-W cS -5 



>> 



3 o^-^s 

^3 to-^ B >» 
cS bo^ S ft 

5.3 g I 2; 
ft^S £ 5 * 
'is fi 



— CO !h c3 . 

22 cu c3 ^ 
S3 -3 in bo o 

|lft^ 

O 43 !h CU * 
>» C3 0> OJ 



H h 



" £T 



5^ 3 ftfe-2 



W-i 



S «)J3.S5 
■J3 O ft^2.3 



be 



gft 



. =3 

'I £ bog 

ftDcu5 
cS B ft 
CS CD to 

cS 



CD)— 1 

.s2 r o 

toZ « 

o^ C o 
ft'3 cS 

o S3 <s 

3 C3^3 3 

CD ™ 



cS 



S, «j 



■2 s 

O b CD <U >< 

£^o|^ft 

CD CS -^ CD CO 
j3-"£_- B « g 

S "S |!|«) 

5£lcs^ 



«^ CO ^ 

«3 g'B 
j3+3^5 CD 

^3 CD ^3 
C3 fc Bg 

m ° d a 

S g 3 i 

03 I- 43 3 

S.go 1 

•hO a H 
-3 oS.O^ 
E -1 <u co "S ,2 

^.3 —.5 43 
^8.2 



C co-^ 
cS CD 

a-3 



3 cS cS 

.■«0) 
O CS js 



2 & " 

fi S-P 



JS 
_.2 ? 



-u to o 
cu o_ . 

CJ ,r 1 ^O on 

^2a- 
-tfg-Sg 

«S 0-^43 

7 o 3 u 

.2 S ^ 2 

T3'- i ' b». IS 
CD ^ ft'-^ 3 

^ a ft -2 
2'3 

T3 43 co 3 

^3 ^ CJ 

^ CS CD g 

CJ -m.. 10 

5 cs^2 oj 

0/43 cS43 



■d j5 

CD +" 


cS 


-3 


03 


CD 




u 


3 


J 


cs 


fi 
O 


| 


3^ 
43 ^ 







0: 


C 




CJ 


CD 




u 




C 


CD 






m 








-1 


(-J 


Ml 

u 

CD 
> 




-Q 


CS 




O 




CJ 




CD 


> 


3 




-C 


u 


o-a 






cs 


a; 





CO 







-1 




0. 
u 




CS CD 

OT3 


























— 


_o 


3 


3 




T3T3 



■ CO 

ft h 

o v 

"S & 

e b 1 

to ^-, B 

3 J 2 
J5 §■ 
111 



* 5? 



8P 

a 



©".a 



^2 



0X1 




c 


















u^ 




e 




a 




* 


^<^ 







O, 


.0 


< 
2 






ft, 


c 



'* 



,08 O 



o 



6 "3 



to o 

■" fi . 
3 2"P 

w to.2 
t> y -a 

P t£ CO 

° 5 
■p a Jl 
d B bD 



a> o 2 -i ^ 

S » a * -2 

ft CO -"^ 

-S'S'f 3^ 



o.2 



ai§5 



CO 



O o 



£ 01 



CO 


CI) 


4} 




XI 


X 






rrt 


c 


0) 




CO 




cfl 


CZ2 00 








o 


CO 


< 


c 










> 


-u> 



© g S § ^ 

co o 

__ M fix fi 

2 3 S £.2 

3 - fi <D*Z 

Mill 

10 CO S> 

«J co d <u &?-< 

05 ^ sea 

^ 5 ™ o> x 
S S-g 8 S § 



13 d 3 0) 

B J §S 
o _ •** « 
S-Sto'Eo « 
'3 o^a 

tig » d h 

O « £.3 CO 

oi "J3 en +3 d 

*- s^-S 

co d.S^'3 

"5 rt 3 "O 

o g.o'oj g 



0) 






pa . 





>, 


S<«8 

o< 

CO 01 


Oh 

ft 

03 


« s 




i«, 


d 



0) £ 



Ex 



2 CD O 



>-> co co 7; 

g.-a g<2 
* s ft<= 



o-2 



fi-- ffi * d 

r^ tn en s-j crt 



*"3 .■'- , n 



2-3 



5 a""" co "-5 

£ co CO ^ CO 



>>* 



ft3» 



CO C 
X! CO 

co-d 



Oh EL 
Oh" 
<3j 



^3 



hj -(J ^— < ^ CO 

o-S bD 
-a M H S b 

-£.3 fi as cd 

rs -g 0+ 3 £ 

h > SPc, £ 

ftg.S O^ 

co 3. 3 co X 

' rt u 3 fi ffl 
o> a a* co -^ 

^~- tn-H CO m 

T3 fifiS 
-=• co 5 g g 

0) HJ -M--=! 



, o>.2~ 
IhS.S & 

CU -2' o 'O -M "5 

di3 3 h 01 u f 

X CO £ 

.3 » * bpM 



1 — fi m 



d o - E 



be b 



o^h- 



P d co 
co Sh .3 -3 
d ft A fi 

oi a 



^ S' 



C=! 3 

6 
S°gS 
3-2 8"S 

S 0) _t3 
co tO 

CO C4-. 

H, co <« o 



co .rt 



r3r3 5| -"0<+h co 
_, fi c<_ On 91 

cs-Q « -a oj " 
i 



Ofi u 

?i 



B Oh^h 

a 3'3 

^5h^ 



O -u 



ft o 

ft u 



.22 



6 53^ 

-3X1 c 
co CO 

<u e-3 

FH -2 CO 
_ CO 0> 

H t" 1- 

X S co 
o ft -rt 



b d 

s s 

ft o 

>.h3 



(43 3 



I o^ 



CO CD 01 A 

S3^1 



1 CO q "3 

! c 'S H 
■H o.'s 



3 _e cd o> 



.T3 O 



o to >7 



3 >,^ 

a 3 ® 

3 c .3^j 

8'a 3 « 



-U CO 
CO CD 
-t^> CO 

;p 

Is 

"'co 
cd bo 



CD O 
-O CJ 



a* o> 

£3 



* S 



•5- 



K,§ 



ft q,o ca 



-4J U CO CO A ' 

o o 3 cs-g g 

«3 £ 

■a i3 3,2^ ° fl 

3 N "X) 3 2-3 
1| °cZ- D ^ 2 

„ be as hj ° <= S 
S3 t? S " - 

_£ g fc»o.g . 

3 3 £ mts to 



*2p 



MB* 1 OS) OJ'H L 



Jon) C 

ZJ3 o.-ts . 

tM ft P»J 

3 u 3 "3 

T3 s a& cs 



as H s 




CCS CO ft-G U Sh 



° «g 

■a «m 

,3 3 CD 

S3 COjO 

rt co ■*■• 

■ ,-< 

3 co2H 

- S^w 
«2|* 

CD g CO £ 

^ ftm o 

cs g 3 

S ca 

Z-2,2^ 

ca-S' 

Z°-2"~ 

_ 9> 3 cd 
;3 fa_S cj 






IS (- 

-" ft 



ca c c cS cd 



ft W <U 

>- -3. w 
c-> S3 ca 

ftT3 

co ca-s 

CO u o 

.2 ^ > 
— ' >> ca 

j5 -a ca 

ch 3 CIS 

O "3 

CD j- 
CD ^^ 

73 -° ^ 

> X) CD 



ft H 



ill 



^ 01 
^^ O o 



«2 : o 
"£§ S 

£ CD 
® „, ° 
T3.g C 

E-oS 

c S 

3.8 « 

g.S3 A 

•j3 eg ctf 

3 =? - 
X! cr ca 

(3 cd ca 
8^ 
E.S 

°TS 

t: co CD 

&« 6 

U >>co 



« 




oG 3 °° 

Ills 



2 ^ ft u 

fifflCB 

CD " O __ 

, . ft 

£5 CD 13 o 

.£; c« 

43 ca ca 



a 



T3 -S 

eg 

CD 
+* __r 
CD CD 

S"« 

le 

S CD 

ca J3 
^ § 

~2% 



Z 

o 
< 

X 

< 

H 
CO 
CO 

w 
g 

CO 

p 

oa 

a 

w 
z 

w 

fi 
z 
5tj 

H 

<c 

OS 

o 

OS 

o 



e cj C 

2 1* S B 

S 8 °-° . 

•3 o « g a 

oifl So 
s « s _ 

>- (J, CD ft 

ca B £ to 

ft j- " 3 CD 

3 O >,-3 c 

l-ft'l 

CD-^i 3 +J 
133 'V S CD ^ 

A CO co Q 

SS ca c ca 
<; 0=5.2 >> 

S- CO Sh !h rt 

ca 0.2 
ca & ct3 



iS S3 fi 

^ CD jj 

cd b S3 

U O S 
° * 3 

ca co 
3 ft-c: 

1 8 

^ 8 s 

CD -C 
CO 

^ COT3 
^ ^^ 

r <o 3 

a .-a s I 

■5 ft > "43 
oi ca o ca 

S * w 
ca o u 



1 +? X 
CD 3 3 
CD co ■ -3 

-3 cd *3 

ca u 
-a js o 

3-£° 
O-oCO 

? o 

co co S 
CD o 

■ail 

co g C — 

i- 2 



s a » cd 

CD J3 ^j 

^ -" jj O 

„ 3 & 

g.S ft 5 



3.; 
o 



CO CD CD 
°m 



&A 3 

o *" m .2 

co" CD -g 
<^— 1 C8 J3 in 

+3 jj-S CD 

cD'co-3-d 
-u O g 

ca o ^ o 

H «> e * 

'-» CD - 3~ 

^J co cB CD 

co fcJD co 

ca ca 3 



.y 2 >i 
S3 3 « 
2 -a £, 

o > " 

ft C>3 

S 2 3 
*»J3 



111 

"a £ s s 

oS3 

3 ™ <H 



43 ? CJ 3 
'C? 3 ft CD 

O" caj 

CD 0+3 



^ 3 



3^^'G 



jS'-a ca' , 

3 ^ 3_T-8 to 

8 $ gt.S t? 

S^ 3 £>"- g 

T3 ca ft ca^*i 

S h co 3 2tj 

8 O 3 3 3 3 

a 2.3 6 II 

c3 3, S 3 in til) co 

a o-O u 3 Og 

cu ca 3-0 s> 9 S 

s h ca a> bo »h M 

■■g«g«p fto c^S 



io5^ 3 

ft.2 



5S. CD CT> 'C 

CD ca ft CO ^3 +J 



CB CD CO CD to 3 



cB V1.-3 



STB 



C J S 3 3 CD 

13 n - j3 .2 -S >-* 

co>7 3 S3 3 ^5 

cd 1 ^ 1 +j s ca.3 

bD "3.S MX 

s g.s s oP' 

ca £;3 ca Sxi 
" " " Is: 



* P 3 o jj 



?^.P^ 



^twoO 



J^3 
cu.3. hS3 . 
i^cq ca 2 fe >»S 



-a s 3 

•r-i O S 



3 3 ^^3 

s y s ^ 

T3co 

■ - 2 - 

o-a 3 

C co cd i ~ aj ftS.2 

««" bx3 3 o r> 



CO O >i 



CD 



CO g 
CJ 3 



u «°3 * *a 

btrt > co g 3 hs 
g-m'S^cSbB^S 
•3So_GB_CD. 

si o-s "|g a. 

3 jh j3 cp £ =3 g, 5 ■ 
oc; p^ csc^-iCo^j. 



5P 



■». to 
>>> CD 
"o co 
5" co 
ft o 
3 ' — ' 

S3 

2'S. 

t- o 

I § 



J=.a' 



3 O CD 



CD Im 

3 CDrQ 

to ^ S 
CD to 3 

«8^ 

fH ID'H 

u a 

a3- 



3 



gJ=; 



O CD cj-r 

CIS O 2 



ft" 

^H CD 

0-3 

« 3 



ja" 8-S 

3 *^ 'P 

2 to CO 
•S CD 3 



-5 s co 
3 S CS 

h ^^ 

5|o 

S3 -°-B 
o 3 
CD X+i 

ft a § 

CO -w g . 

o a S ffi 

Z^ 3 



cu • 



o.S 



S-i c 8 55 

2 m O Jl 3 

11F.1 

H 3 o co-rt 
H'C ^ to -H 
g P ca 3 Eo 

js S'a'S 

Z o 3 CS 

. O O (, 

2-2 s g 1 * 
tj3 g * o 
S 23 2 ,, ft 



as 



3 3 3 



CD cd 3 

§ Sis 2 

Cj,, 3 rv 3 

^0° . OT3 
_br! -cr> r 1 ™ 3 '3 

3.2 a h% 



•15 t» 
13 
cu 

°< T 

c 

a, u 

h « <e 

(3 S 
C3 O 






2 



is 



.3 ^ 

3 3 



S^Sia 

! 2 S to 3 



•2 g.g 

33 

h„P"3 



HfiSo 



o m boflm bo !-? 'i. 

o S g'.a io c -° bo S S 3 5 S4-, 

3 3 ^.tg^s c.S » C£ C^S - 

r „ 3 fc< -3 co 5 O £ 3 ,-, 3 3 , 
g„Q ftco -- 



S^:: 



J5 3 „Q co 



.2 o "5 



3 .3, o .co 



* o.S-2 



h a? 



X 3 



3^-^-g 



3 £ 3 
t>/2 3 



bo 



u o a,.s2 g 



3 3 3 



■3 -43 h 3-S 2 «'C^ ^"^ 8 85 |£~°° c '3 I 

•■* I'r^S'S $:3-=; 0^3 3 3 °-< <0 d) -3 -H co "3 -3 -a 



£-3 


?y 


bo 
C 


."? 


3 




"a 


2 


10 

C 


crt 








-n 










^ 




bl 3 






& 




Ml 






a 


CO 


> 


3 






5 


ft 3 



2 ^ S >,-Q.2 ^ 



C.iH 



3 H 



3 E 






■rt 3 



-, ft > 3 _ 

goo a"i-J -w.3 

> £ >>2 S ^ 

IS ft In C8 Si -W 



S CD -3 T3 
► ° o 3 CD 

* £ 3 

-v Oi CD bo 

tiS 38 



+? £3 Sh CO CO 

8 £°-s3 

a, o> 03 

CO -M -w •-" 1. 



o SP3 



O 3 



-S3^ 



3 .2 



3 w 

2 CT^ 
333 -S 
O rt 

1§3 

T 3 cQ- 

S 2 ™ 
'3 o * " 

bo ft CO , 

es o^ 
CD 3 
c ^ 3- 

CD >~> o 

3-3 g" 
1— 1 0) -3 



H S 



,2 a u 
-o-^-fi 

■2 g.2 

,- 3 

3 CO 

boo s 
KhC3 3 

a 3 -^ 

3.8-IJ 

.&• >h ? j3 



Oh CD 

1 .it iii 



3*03 

Oh 3 co £ 3 a 2 



ft cd g ra-3 
o co 3 

2 3 



2 3 

VS CO 

3 3 



»2o^S 

g g ,_, b0_3 

.2 ft .3-3 



K9 



.9 8 

3 o 



V> J; bo-ti 

g.a ^.S1 



g o3« 

bOT3 CD * _ 

.3 S-3ta3 

H_, 3 CO 01 

•« P 3 >*' co 
3 cO-^-S^ 

a* — 1 



^to » I « 

3 3 _c -u o 

Sg o J)0 

-° , M3 

-3 0> Oi 



c-a 



C3^ 



3 O 



fi"!S 



ca o 



^g 



' CD H 3 

! 3 T3 S CD ^ 

1 .a 3 ?3 <3 cu 



Oh CD 



2 o .2 2-2 oj5 §-2 

Xg h3j3 S -SmjCco 



CD 2 * 

llili 

g J U n 
3 »" ^-M 

Oh 3^* >> CD 



■a J- 3 «_^ 
StiJ ° O 

ft 



h >- h ») a 



2S?^S 



3J5 



S.S5 



3 2 



CD 



' ?M c 



H-3 3 43 
Sou 
3 o 3 



® S 3_, 

bo^.2 3-g 
I 3"C:S£ o 

3 3 3^i 
o o bo - j3 mj 

■ 2 » 3 £ o 5? 

^ S g,3 C 3 

•| |sofl 
►9 ja g dj a cr 

Sh"3 X lH 

C jj'^-h'* co 
,Oh -^ y CD 

^ ft -u-S-a 

_^ , >, ft CO g 



O^ 3 

■o8"S' 

CD 3 

aa >> o 

ca ^o 

o 

1 +J CD 

252 

^2cio 

si ^, 

T3 ZZ, 3 

§3-3 

Sh - CO 

CD co 01 

3 ^ u 



O CO 

3 "S 



§.2 



^HH 

15~ 3 

W S.2 



j. bo co CD «*H lH 

o.S--£°^ 

8^hS H |°3 

^^•5 8 >>3 

^> I g^.2 CD CD £ 

cd c n fc: ft 



5 o h 



3 3 



35 



CD 



' aa^a 2 



bo 3 ;-a P — •■ 
003 cu a mdJ 

O +J ft QJ ^3 ri 

2 82-2 > § 

b gv-'a « g cd 
o o ^.N^x 

^3 R 3 

r bo e 3 

MO C-h 

33 CD.aj.2 



3 O 



.3.25 3 ! 

(33 01 tUn 



£-3-3 



c3 3 



3.-3 
0-3y3_ bo 

e a S 3 2 



.3x1-3 

r5^ S, 



3- 
!iS box- 



.eg CO N 



"S3 >>3 

-2 '3 3 co 

■ ^ cr fa > 



33 of 3 "" 

1-1 i- 1 -*^> 0) 
CSJ3 



•~e 3 o _ 
^ c'43 
^ 3 2 



3 *-3"2 



3 oa 



jai cOcuo3rH_2_cD 
^ — ^^-^ r, o .a "x -a 
?)^ 2? 






3 " 



-s M3ja=n-. 



< 3 £ 



=0 JILh U tj o 



S 3'~ P £ 
o a 






s 3-s-o 

^ o "33 Q 

C 2 jo ^a a -3 UJ 

•2^'5"3 2 § r? 

eCMr.S 3 
■ij cu 3 ^ cd o "lo 



o o 



T3J2 


3 


O 


bo 
3 


3 

bo 


3 


> 






O 


3 






3-D 








~S 


s 


a* cd 
— ^a 
3-3 


3 

>. 


is 




3 
O 


'< 








CO 


u 


ca 
u 




ca 


3 


cr 


-a -a 
























3 












ft 


j-j 


-3X1 






to 2 
3^ 



ognitic 
iquida 
tions 


g 




«- S 





oi £■ 



> CO 



CD C Sh CD ^O CD 

■° 5=2 s^S 



rind 3 3° 

1*1 is 

> - bo 2 o> 

d.d 



ft.2 

i Sh — < 

1 o — 

, O <- 



5° m 



d » S-? 2 is 



03 



.fce^ss -a 



s 

01 6©- 



O ȣ 



g .^.-h 3, 

n 22 

assco 

X a) 

dpi Sn 3 

o£2xi-2 m 

■S ffl 2 '3 3 r- 

S -o ■* a 1 fa k3 

p-aj.ssg 

X bl) co 3 o.2 



fl«2^2^32 

• s -fl-2=-fl.2 a 
g 3 "3 i? 15 3 ° 



aj ot3 



5 cd 

61 

2" o 

TO Q) 



<DT3 



8 c 

SO) —■ 
_ X) CS 

2 * 



O l U 3-H 

— ■fS X 9 CS 

3 2 * I &!> 

-° 9 do 3 



d .2 



i- 1 d 

„, cD.5-fl 

1-a.Ss 



—■ 3 o-3 to a, 
aai^oasoSoi)- 
0> r c!a> r Cfl>O-iO-ao 



-3&H 



5= S^ 

5 £ § 



Add' 

go-' 

&.S 23 : 

8§^ ; 

3.0-2 
^ Sh 3 - 

3 a 

3 P, =o 

dl Sh -^ 
T3 

^e 3 
0> CD co 
J- c 

5t3 o 

43 -3 -J3 
■§1 



0) 



3 & ». 

9} fl 3 

So * 



1 — l s^ co oi 

3 « fi 3 

9 -« c« o 



.CO ,205 - 



£-P 2 

H co2 o. 



!^'> 



w ©.a 

-3 







9)(H 




CO o 
* rn 


> 

CD 


CD CO 


is 


-d ™ 


o 



cd 5s- o 

s ^ 

Sh _ 

3 ^ 



3-S 



> 




XI 


Sh 
a 

c 


So 


o 


2-° 








Rt 




13 




cfl 






fl) 


3 


ft ft P 


u 


CM 


-r 


o 
















CD 




-C 


3 


-U 


> 


Sh 


oi 

a 




CD 
O 


3 




d 







3 


o 


3T3 


o 
CD 


be 


o 
> 


-fl 


T-l 


CS 


P 


3 


43 




o 


d 


5=C 


is 


CS 










01 






3 


3 




o 


Sh-o 




en 


3. CD 



P «io2 cs g d 6 



X CT5 3 



CD CO 
» CO P 



q, 00 . d 
"5,3 3 

2n-l S.S2 
bD3 o rf 

d 03 £« 

"faS 



CD 



»; to 



« So 

rn cy 



"a 



- „_ T3 w 

js'g « d 

3 tH-2 
p ^ w to 

JJ gfi 



SgScs 

.^ C Q) Sh 

O 3 ^^2 
3 I S^ 

a-2^ a 
cs "3.2 • 

° « , » a 

rn co 3 ^ 
S^2 ^ 3 

!"^ 3 ft^ 



jflM, 



^i 



T3 ui 



H CD 3 

3 ^ O CO IL, 

°<__ CD o 

-3 -S -3° 
3 9- .+3CM 

CO o > -2 

3.2 «3 d 9 

oi +^> 3 .3 > 



3 i— , P< 3 

8 P fa be 

co o ^ 

bD <D >> 



Cfi-Sflft 
t- w fli •" "" 



d 3-5 T3 
CO 75 3 d 

e 6| s a 

CD CD !> — 



3^-3 CD" 13 3 
fa d cd.Sjj 
cd K — i 3 -S? oi 



CD O "^ 

" Sd 



pObJOOdCOlnOl 

fa s- o ■« S i-< 3 *- 

I CD +* S CO .2 3 00 
9* S ® CD "£. 9 O 2 



d 3 co tj_ 
.2 « ^ 3 ° 



Pco a 

' !i CD 

s,g a « 

OC 



CD 



s .-a. 2 <d; 
S2 9»*c ^.S 

O 3^3 _ S^TSX! 
fapdSdg^tiS 



■goo 

S<35 



° ^ 



■3 5 

■tfl 3 
55 1-3 



9*3 

Is 

^g 



O O Ol -H 



>j i j d d. 

.±5 3 3 CD cd, 
oi « d ^ > 

ts-S-S 3 3 

cd2 3 o,3. 

^n O ^ 01 CO 

-^-d 3^ oi 
oi CD CD^3 S. 

d ^^S^. 
5 _d 15 +" o 



g<.S3^ 

S»»ifl 

■J3 3. d ^ co 
3 3 bp bc"S 
T3.S O 3 3 



$ £ CS. 



T3T3 



3.SS CD 



2~ S3. 



.2 oi 5 
3 «i„ 
cs S2 



CS 



5d-5 



-3-° 



3 



&£S 



OoTJS; 

.-H-p' 

is «' 



a^o 



s di:_ 

rt^ CO , , x( Ol 

O +J "^ Ol jL, 

■Sal! >>" J 

— -3 > 2 >- oi 
<U 3 JB g 3 J 



"l3co So cs g 

§* y 2 g or cd 



O Oi 



,3 3 



■5 P ^h' 



"cS 3 

3 Sh oi X 3 
TJ 3 CD 3rf 
3 3, co -" 3 
>>CD 



!§.S 



cs « 2 2 3 5 
P*^ S 3 ^ g 



S CO ^ 



Ol CJ? Sh T3 CD O Ol CO O 



flj 

Sh 


Ol 

.3 


<D 

i5 


>> 


H-. 


cj 


Sh 






CD 
ft 


CO 


-o 


o 


0) 




Sh 






DhXJ 


c 



!•§ 



-S-p-2 ™ 

5 c "i n 

3 cS^h — 

Sh d >> Sh 

d>-3 CD 

2 S C -S 

^H Sh o CJ 
C CD fl CO 



3 cS C 

co 3 '3-2 3 a d ft'+3 -g '3 

QJ Jh iw IS Sh -^ O ? CUD 

a* « ago §hS ^ c5 
a .9 2 &8 g °„sh ofa 

° CD O oi 3 CS 



«2 
o.2 2 



r^— 3 >. i 



ft'S ^"0*30 



-3 ° 2 a co 
2 CD C .O 3 

c»3 °"S H 

Sh33_ 3. 



O 3 ftfa ^ g 

|fs|-S.l 

-A fl fa CS Kh 



3'oi2t3 3-2«.2 
-A & A 3 ^^ o o c "3 3 



'_5o o 



■-H ^ Ah °fl (v, 0> 
X fl -" CD Sh 



CD CD 



•J.Sg^flgSg 

O 3fl-*SH.2-flCNl9 

3 taCco O-p oh 5 



CD 


d-« 
o o 


CD 

-C 


cb 


Ol 

o 


01 
J3 


3 
J3 


3 


H-J 

CO 


"^ 


CO 

Xi 


hr 


03 


3 CD 

o-hS 

Sh ->° 


fl 
o 


CD 


ft 

-3 
3 
3 


^fl 

3 


P 


O 

O 


t+H 

o 


CO 
Sh 




-a 














CO 

be 

d 


T-l 


CD 

Sh 


d 

bD 


fl 
o 


ft 


fl 


CD 

rrl 


s 


CD 

Sh 




o 


CD 


c 


-1 


Sh 


£ 


o 


C 


CD 


3 


a 


O 




a 






3 


















CD 13 




-d 


CD 




fl 

CD 
O 


"3 

Sh 


CD 

-C 


2 


o 


-d 


CO 

d 



g d 3-P >> 5hS 
9-8 §2 fa <d 3^ 

o ° ht; 2 fa s-t3 

■- 1 co .3 2-S * Qr 3 

'3 +^ ^ -d ft rn 

cs<« Sjd " 



Sh O 01-° «3 



o o 



s- p 



— . CD N 

-2^ 

•S"S cs 



•^ fa «-S 



9 oi <+h 3 O m-i CD 

-d sh o bc-d o a 



^^ 



ShS r 

n,pK 
sTi- O 

a, u c5 

3-9 & 



y a 












fe.g oo giA i g a 

§ g j{ s p, bp-g a « 

o-3 iou^-Su 13 

.S^ <B,3, °0 cd 



3oo, 



J3 «.« C" co^ a; — 

gg sr^ a-3fcg 

-S S«&° s £ g 

B o-" c!_S cd 
S ^ otSX w 

Si In s CD_ _ CS g CO 

o5^S g 0.0 e 
ft to +j cS O >>-4J 3 



3 cr 



g to 

-3 5 
*■£ 

o P 



(1) HI ,; ,' 13 

-S-S S & 3 
S=S o b 2 c 

° 0,3_o 

j^> <« fie, j3 
ft 9> .2 — ■3 
a »3.2 E 

2^S-9 3 

2 &ri 



fc-* RJ 



Ak 












3 


c 



FT <« 


* k 








'■a.*! 




a> cs 






O be eg > 3 

. S 3 « ~ 
g-C o^^h aj 

Q *~ 3;3>s 
o a> co o 

cs 1 — 1 o r3 
3 a.23 <o b «s-3 3 
^ h Or flj ft t CO 

3 .2 J; ™ oi 8 or-i 

ff-BU cs oPh ftee- 



3.3" 






gb 



s s 3 ■ 



6 i 2 £Po i, 

ft a ■& g CD CD 



«CO £ 



5>0. 



03 3 to b ft O, 
55 S CS £ ! 

*^ CS >">-3 

a _2. g g:2 *£ §• 

o-S.2.2 33 fl-s 

r2_ > ° 3 J3-3 ^ 
^^gfto^^a,- 



p ft° 3 "3 

Sh CD r" g 
" fcUDC/3 2 

CD "^ h CS U CD 
'3 C ~ g^r-i^ 



CD > o 

CO > CD 



CD CS 



<D -3 



t *- 1 CS OT3 >h 
o S p «£ 



■2 2 g 

>*i fc So--- 



CD o 



«; 

^ 



A » b b 1 



« K^i fl! w vu 

°-c^ g bJ3 



^^3^3 

o rt <d^^ o a 

» O^O «« cd 
.3 -^T3l? n 3 « 



^5 6 

^ CS ft 

Sh In 

- o ° 

_c fto 



CO o 



cu 



-O CD ^^OJ^ CD 

-a >. --a 3_^5 
» o -B 3 • .y 

"5gs:>^s 

„ O CO 3.3 - , 

f5 ft 3*3 ^ "3 
o cs ^ .2 CO CD 



cs o cs 
g co 

co CS CO 
CD co - 1 - 1 
2 » ^ 

CD >> CD 
3^m 



CS 



-3T3 g 
csg^ 

-o-2 • 

CD 3 3 co 

0.3 CS CD 

C co 

O .2 CD g 

Co o e 
cS o " -3 



* 3-S^ 



1 — ' .3 CD 

1 3 co 

CD cS i 

CS rt CD & 



o cs <j-S ( 
<!.S 3 g 



ec CO 



,« 



<D 



■S 1 

8-2 3-2 



i -a 



8 8-2 S^| 

lllll-s 8 

_ a * 

CJ -*h CD •.-. ^ 



03 



_r^ 



e s s-^g^ 

|S8g°o 

o co °P cp * ft 

■3 s 2 & r^ * 

t" c5 »£>„,- 

a3 .2 a ■ <u '" ■" 

CO. 



co a> 



CO 



TO vu c ; 

3 2 cp cd 
%-u -3 

1 1 In 

g'co 3 3 O" 
■fltQ Era 
o\_ co cd^ 



CD 



g-*j= ,2 a C 



o.s 



CO -3 Q, fn 

CO CD J* 1 -** 

CD O 
C0J3 ° $ 

■"ex. a 



.S-S^^OnCrfi 



«'■§? O 

O CO CO £ -y rS 

cj s- '- > 03 W 



S § 5 . CU CO <»-" 

I ft g o j? ft ^ >,.s -g -a 

y EG, — 1 O 3 "~i (-< -" 

SMS O;-'- 3 C CJ 

5 a 2 q. $£ ..til 3 



is O -C ft co co <P „a S -2 



fl-g.S u.g^.g.So 



•2,2 k.25 2 2 3 «£ 

3 cu cu +j 



^3 T3 oj- ec) _m X 



£ «! C2 
O -3 g 



P. S 



1-qH 



a> 



co2 ^S,2-fl9?) 



<u . 



CU,Q 



jw cj 



S-, CJ .T5 ho >- O »5 
i^h — o 3 cj t. co -)r 
-3 3 CO 55 pTs- bo-- « co ™ 

^"co «S »3.fci.s "'•B-S 

<~ 0..2 ° .§ * o glo S> 
" j- o °< s7 2 
v$ 2 o2 o'-S 



O CO '3 CD 3 



a; 




cO 
cj 


2 « 
bog t, 

ego 


a; 




h+* a 




3 cp.2 


c 


5T.fl.-H 



;r en 
CD co 



*£ CD 



is o 

'3 " M +> UJ 

O" 1 U CO cO V* 

a).S2e-S 
,3 CO 3 O w 
+3 bo O o O 

3 CD > T3 g 

s'e g — 

22 &P-J3 3 15 cp 
3 8 g 8T 2 g; 

CTCD g p-- P< 

ft 

' cd o; 



C3 



W S-3 Ml 

O ™ 3 CO 

ft a* co 

^" CD CJ Zj 






CD f-h 

So " <p^ 

^^|>.g^3 

cj-3 g-co cO 5 
- ro o S 3 

« b a ^ g£ 

CU'g 

M W t/J CO +J 

O J3 o CO -£ 



> 3 ft 



§£ g 

m CD O «i 
In > - J3 " 
CD O o 1 

be be co- 1 

>* CO 

8S2. 



co „', ti co -3 bo" 

-*J CD O 3 CO r-! '_, 
CD M J5 "3 .3 3 

2'3 ^«fli.2 

3 CT-3 co CO 3 "g 



) ^ 3 C 
! SO' 

be? 



CO 



CD 



to 



ON cO^tS ° 

«" S "tt 3 "3 
co S, © -3 CD 
O bt 



3 g< 
cO 2 
X? co- 
co CO CD 
43 >H '3 

CO O o 

o 

S_ co 
Sh O <p 



3 co CO ft g 0) 



JT3 fa 



5 s s a 

iriii^ili 

=v %3l|' 

X CP 



crxi 



.5 § o g A » g g 

CD £. o 2 c g c 0*73 • 

go"C3£cp^cp fl 
'"* o-B fts^ o S co-" 

bo g,T3 ft m g *= — 

pnj- co co y ^^ o o co 

Hl-i-SlglBJ 

§ ^° * a-ffi g <a-g cu 

rll!llil| 

TS - -H -, CU - OO ^ 

1* .u « 



(-t co 1 
■5 bJ3 < 

- S m CD 



«J3 ss co^ 

CO 3 



fc « * 6 * S^iSy 



CD 



C Sh : 



o CO-' 



be j x cu fc 

2 °- 

3 o 



CO s- fP 



co bo ; 



CD-* CO 3 

a; co g 

3 o__.2 

*S ^j T3 X3 
. 2 CD * CO 

:§ 53 ° >>3 

■3 CO t. cT 
g-3 S <0-2 
cS 10 ^^^ 

3i2 m >< 3 s.S 8 ^fl^'ihfiSl" 

3° 6 "-Seh co 83-3|co 

'Sllsg 

3 ^ "^ 



3 ^ 
o cu 
?J3 

CO* 3 

.2 o 

CO co 

Si ■ t3 CS _ 2 

o t. 

CP CO 

,H ft 



3 be 
CO 73 3 
3 fl-S 
E° cO.b 

3 ^3- 

1 = o* 
1 3 o 
b o „ o co .3 
■ u ft cu « ■ rt 
cu i- >" ,2 S <& c° 



<p co ja S 3 _, - 
$.2 Si 155 



S g"5P2 o& 



CO" 



bp cu 



CD o 
ft CJ 



O CD 



-? cO ■ 



Set, 



O CD 



5P - 3 

tjpCD 

CU CO 






"calsS 



13 S'iS 3-3 £-x3 

coi^-S § 2 3.(3 

y^>ooB-Q"do 



2 s io|3.5 fi co 
Rfl cd S -3-3 23-2"° 

t™ , ^2 tp * 3 'S '-§ 3 
y O* - co & CT CO CO CO 

i a8 -ga5s^g.s 

i <3 CU ffi +3 CU C» CD lo t. o 
i3 6 i:t3coi3 o u be 



i^^co^gs^.ys-sipE- 
:2c£«t:a-2> > a2«ft| cfl 

, CU CO 1 " .. u cp co 



►5 * 



5-2 

m .. ei^cpcj-sj-cpcro 



O CO' 

cO -2 73 co 
cp g 8 * « 

s-. 3 



AS. 



o 3 _, o p 



ca ♦^ ^ r 3 cp O 3 "cj. . 3 u.h 

1 g „ « bb o--s y o .sp o co -g ^ 

■3 3 2 rT;cjX3 cpj3— CD-i*i CO 
3o'?^c0c0i-.i3ajcoftc0i- 



tH fc o S' 



T3 co 



CO CU CO CO CO 



-h ® 



es o 5 



i 5. 

Si n 



a -5 e- 



° s 



g « ca «4U > 



CO CJ CO 0) CD *** 

■a _Q-a43 ». 



u.a 
y ca 



c3H 2 



g CD OX&g'S ^'| 

« 43.2343 » - 
ca m- 



O CO 0) 



E 5? 



c R_" 



"3-0 

"tn -^ 'CU 
B CD 4S 

* o s 

Bfea 

o>43.2 



: a S ftpBjH o 



tss|e. 

cd o >> co ' 



~ 8 ai co g cd 

.ff^ijSS £^ 

B a> <S >> a o 

•rH J3 O-fi'-O 2 CI) 

.22 -^ Jd 3 B ja 

3 in 53 T3 cu ca „ 
W O rrt flJ Qj^ ' — ~ 

o r > « «j ss 

« cu S'53-^2 a, 

T3 43 4j CD 13 a co 

cd o o ^-a o^ 

^j CD a P CD 

CS b3 O £ CDT3 

a 2 -a B 43 -a 

ca « Zux><~ £ 
ca 



ri «4i a 



CO CO 



SO(n o a 3 
a o-a a co 



a — - 



6 u 2 R n 
ca cD^aj P. ^ 

"* ° -u 3 ° 

ft cr^ 

S-43 



ca.a* 



<D CD 



43- 

.2- c caa5£>cj co ca- 
•a m m-c.S- £.22^^ 

'3 B u~ &g> ois^a 

CSiChJIXU'O'^ 






> ftS 



§ta>>-cD»^a.a.5 

Ri i2 ^cD_1a.22i £ 
a. 



£"Sb^ 



^>t) o 



ft cj 



pro 



3-3 ' 



£ O 



O <D_Q^ . 

cu o c m^ -"'a a 
'a Px'^'ca.S^ a. 2.2 
cr & cd ca be— — o ^ .w 



be to ' cd J_ 'ta JL _4 

a to -£ CD a °^15 

a CD *" sL CD — CD 

•£45 o> fe ft co 04h 

.a aT3c2 o "? > ca 

3 3 a «> . 2 ca * 



cdJ= a ^ a ^^^ 
* ca g^2 OJ3T3 

01 CD-a CD O O CD ^ 

ca^m ca era § g 

to a a g ca-^i cS 
cd o -a a as. 

-a c a<>3 ^ 2 "Ca 

■^a o4J ri o m 

Jg3» g-S 2^ 

a co aj _. ft 
cj o l>. cdts a CD 



cD.i R s-; 

^-3 cd -a' 



a ca -{j 
»°^cdS3. u - 



c-S 



i-a o a 12 a 



S2 - 
ca a a 



^a 

CD O 
St3 



bo>> 0, S - 

CD fe C -P O N 



* ca 



» a a ^ ft " 

CD CD bp a, a 
cj T3 P a 1 *;-, 
£'S 8 2 ° Si -o - 

•t;^gcD r0 -rt C1, CD 

S^ cd §3-3| ££ 
^^ §-a > r co a 1 -^ 

■~-<° b S cd « era 
ca^ g ja ca o.g 



cd a o 



cd ca^3 



■S cd o C-S u% a 



a cd a 



02 

CD o 



bc -a mm^ ciJ 

O |3 fl Cfi 0J CO r 

C cd'^ S »■§ ^^ 

cd co-g.2a ^ ° 
.23 fn cr.-a o<m^ 

g O CJ co r< O CJ 
bB^ Rl'fl CD ., 3 

cd is J3 y j3 -j3 22 

s-c co -u ca^ -~ . rt 

^o~g^ >>ft cd 
-a a-S-^ '" 



Pa-bbco-a p-a 



ca x) 



+3 ca 

m y a _, s r c 

« o ca bp cd o- 

a cd cp o^j .S 

o CD co c CJ i — i +^ 

.y_c5 tS cd o ca 

-"43 R Si J3 U 
c8 *^ o CD 

22 >>^ 



C a) o o **< . 

"2 &» -3.2 M -n aBfe 

-ao^aco^^aooocD 



.Su^Siii' 



RI SB. 



o 2 o 2 * 
ca^ a co 

CO £ CO;£ 



a o q, *i 

>cr^ &- 

a> > o.a 

*» a w M 



ca e -= 

* ft 2 

Ri 345 



cu 



j a 3 ™ 

I ati cr a 
>.a ^ o o 

I 2 * CD 

^^23 



ca ■ 



cd a o'3 >> 



a_fa a 



S- .«.3 

s o5g.S 



fl) N S O " 

4=-sa 0ca 

H ca bp-a cd 

^^ bo ca cd j^ 
So CD— "^ 



P^= 2. a. 



C'bB4t!4> ca 

■a^ o 3o 

O jj^42 d 
hjr^ c >>B* 

a* 5 ^ o ca "^ 

S- CO g.S 

3 -a cd ~ 
■a S > c' 
3 2-53.2 S 

co a o -m-23 



i i.22^ cd 
O CD * t. 

cj -a a 

a.avn cd 

to ca 043 



M O 
3 " 



CD 

- 3 C4_ 



a 

CJ' KA O ™ 

o bB.s > co 
ca a -" co 
^•S C3 CD CD 

43^a - aB x 

B 43 C cd 

•gifted 

cr a -^ — 
42§Sg^ 



P r - 



CD o 



3 



m co to a CD g^J 

ca o> .s — 43 S o 

o 43 B « -T3 " o 

3 



3- 



"3 d CJ O ^ e2 ca 
3 CD cd a co ., _. 
43 co to a CDT3 
a3 'a43_2 



ca £^ a £43 — 
a 2 3'" 



£ >-3 43 42 



.>4<! 

O CJ 



ca-w .. 
ft a p , 
■a 3 50 h 



CD 



-5 8= o am 
ca ^ 8tsB 

— .2^'a4o 

I 2.2 8 c 
2 -a o> o 
ft ca r o 



_ a 

a c a- 

™ ^ a 43 co 

• g in ft C3 o CO 

3 S 2 ^— x ® 

— a ft ca uj 

ca43 ^ o x 

M ^ O M.ft oj CD 

r cj a ox: h 
^ cd - a a B43 

&M bfi ^— " 

-^ a 2 fee S 

^5 O-HfC A-i-H CO 



43 o a 

Bo" 3 



T3 

0>t3=+h 

a^° 

a ca cd 

CO CD CO 

23 R o . 

Ri* ftCD 

cd £ 3 a 
B ca ft« 

^Ift'l 

2ft&^ 

C cj o> > 
CD 43 ? 
Mb£|B! fl 

a. 3 ^.2 
1—1 fe' rt -a 

s'a^a 

O fi =( 

(fl O co 



Cs a.a a"& 
ia43 3 3-S5 




gCatffej 




^.22^ RJ^ co 

oT3l_l CD eg. 43 




co cd^^ RiB 




• rt 43^ -^^3 be 

-te-^ a r cd a 




-0 >t3.2 IS 




le to 
older 
a di 
quire 
be v 
in m 




42 43 <** a 
ca p ca.2 








43 43 CD43-' 2 




— cocaB _43 








Gain att 
e to the 
as the e 
whether 
rporatio 
the distr 




a 




.-^S^Soj 


m 


•a c! ca ^ 


a 



.Sb-3.5 b a 



^e 



8§ 



2 s 
•ss as .& ^> 



a"! * 

S( cs 



CJ » 

a> ~, CD 
CO &<~i 



s-s 



s » o 



tin CJ qjJJ 



•J 



v be 



0) ai c 
X « o 

3 cd CD 

f-h ^ a) 

co .. J-i 

> * 

o^ ._, 

O) 0) 

-a fix 
>.2^ 

^21 

C O Ih 

-JS'S bJD ca 

c s -rH 

kh 3X o 



-^ -^ M S-..S o 
C! t *i'S 3 CD h . 

s o y O O DO 

T3 CD M "" C 

SSo as g'3 

bo| » o g « 

, o 3 > o a> 
<o ™ .5 -~ ax 

!h J- (1) g u -U 
to O O o 

■^ * k « " •- 

+1 M H S J ID 

O co 3 O <D cd 
g_0)_O ft.s-S 

x) § 3 8 o*'S 
-3 *-• " ? 

3i, o as o 
CO. °.H -^ o 

10 ^5 3 C4_ 

> CD 3 T3 to a! 
O O U* CD ' — ' *-< 

C ai i3 ^5 3 a 



,aSg2"3,-,S:S cS a2 

" o.2 S3 






s 5 



h £. * 3 



■si««-- 



M"S g 



° s 2 c. ■ « 



3 K - 
•;3 cd 3 

as o J5 



2^ cd 2 

~ ^2^^^2^-SmX 



CD <D 

si- 



.a o 



.2-C'S'o 
3«3 x b a, 



O CD '__ 

p § s 



o m a> 



rrt H 



ftX »-H 

2 0)o : 

S\xl « 



i—i .A a> a) 

iO »XJ3 

.2 =«xi 
-^ cd -h 

CD tp s 2 
m y3 fe.S 
^4— i XI ^4-( aj 
o as s -s 

3 O g 



u 2 



v< o 



as . 



CD 

ajj: 



-J 

CO Q< 

s7-^T3 o 

u 3 m ° 

C R (3 

Ohgo 

^>c2 a-S 



3 o*3 
S aj cd t 

'-'Co 
cd .3 

CM 

2 So 

S3 00 



a > . 



O CO 



Eo^ CD-" 

cc) g ftC 



inoo as 



o ;3 $ * £ T2 
as >h <u _, «_j 

e rfi* _i •■i CD CD 
S as S^ ^^-S 

g ."5 CD -2 g $ fcj 

"^ CD.-ti m CO 

« e's m a to 
■^•^3 co « o.s-rj 
r- " 2 - 8 £ ■ r 

* O 2 3 * ft i" 

. CD o 

^ rti 



S C * CD 
0JT3.S ftS g 
T3X CD SP-U 0) 

S-v g-S rt 5 
-Sgo-g-2's 



Sfl g« 

S 2 cd 



O CD 

2- Art §3 
cr as 

CD > 



SPQ- 



g PI 5 



.2S 3 J' 



•S ™ g i i3 ^ 
g.s;agg^-g 

8 3-J ^ g| 

^X-« &g CD'S 

<d 2 oX X =s 
x)«3 o 0+3.2, 



.A aj C to cd >> -- >> 

^^ .h CO » h g t, 

_.__ * 2 as 

o: 3 2i^ o^-^-S 



o 


CS 




CD 


tfi 


cfl 




o 


0) 


X 

-c, 


3 


CD 


CO 


X 

-4J 


3. S 

ox 
" en 



o 


CO 

3 
O 


~] 


o 


a 


3 


— 


CD 
V 




o 


3 

0) 


o 




c 


3 


'J 


CO 


-a 





CD 



a 



cd ."3 o 3? 3 .3 

S-agl" 
gov* „Sg, 

Sc^^l^^lo 

^ 3 ~ 



O ,/lX) 3 



sSl 



3 3 - 
. aj bo 
>> u 3 
CD *^.3 

g<D2 

BSm 



M 



3 




CO 


CO 




o 


3 




Sh 














OJ 


cd 

O 


CD 


'd 




N 

"S 


S 






^ 


at Ph 




HI 




O 


- 


S 


S-. 


0^ 


CD 


t) 


S 


«a 






[fl 




CD 








i- 


hr 


111 




O 





r 




CO 


4- ^ 
t. 3 


3 

X 
O 


CD 
CD 




CD 


rrt 




1/; 




Oh a 


c 


C 


3 


O 




a 


KS 

o 


104 

O 


X « 

3 

>>e8 

XX 


CD 

X 


,2, 


.1' 


T3 




O 


-5 


•/J 

n 




CD 


CO 

<Zi 



gsis 



— 


i: 


'or 


3 






O 


O 


3 


cd 


O 




CO 


Ih 




Sh 






ft 


■J- 


CD 


CD 




'.' 




T 


^ 


X 






3 


O 


^ 




3 


O 


O 

ft 


ft 
M 


3 


'11 


ft 


N 


M 




3 


"3 








U :S £33 ° 

_ CD CD CD Sh 

3 g cd CD 73 
3 O ft ft O 



*tr 1— i .A P*i co 
°lo iCx « 



ft ft S-i 

X?» "J! o ^ ^ r5 £D 

-" co 3 cd <D-^ 8x 

-3 2 O co N h u i3 

CD -u "J3 rt CD <0 _, 

3 coX § Oc„ ^ 
O CD 



3 „ 

bo cj 

O CD c0 CD £<~ 

CJ CO (-• M O , 



CD 



.9 *. 



+e cd o 

_P>-tx 



coOB'-«3•ci;2 a, 
O 0-3 o c 3+J 

-ss^j^gi?; 

OftCDcg-B 
•S ° T3 2 § i- co >>£ 

lifl l, «i r» P m C 3 



bo 



CD CD 



B3cDO»^'a--l3 
XX X.2 ""«»- 3 



as ao 



H CO o^ 



co m OS 



„ co K cfl ® 
CD CDc2 -S ° 



x ^-2 

"t 3 

co g g 

fto 



- OJO' 

:xx h 3 

Jo 3"" O 



cd il as 

h^ 33 to 

3io73 £, 3 



ft 3 

» 2 2 

co 3. +J 



S ** 



-^H CD 

3 cdX 
3X-^ 



"3 t 
*2 



O 

S c" 

bfi co tr 



ss 



^ft 



CD +j 
CO Q 

2'co 3 
-S 3 
■*^X co 

«2o 

« S3 >> 

N > 33 

S ° 2 

^ »■« 

3 co >h 

_i cD^aj 

oiii a- 

3 2 



g-- ft^ g^ 

3-wcdcd2- S co2 
3 2x:x %■% 2 o 

co C-u-u 3 3-^X 



® £ S 

« C so 



.f « w 



~ e? C 

■w Si 

ci> -»5 ^ 

■2 S 



•^ cu 
? bo 



■3 s 



a e 2 

S*-2 § a) 

C ii 3 CD 

O Q tn U 

tf k -*J CO 

^+^>* 3 CO 

IS ^ X Si 

S P^ 
5>s 



e 1 o w 
3 2 2 
3,2-3 

S»n3 
< 9-9 






"3 

CO 

O 

a. 

o 
u 

a, 

CO 

"e 
ca 

S 

u 

*3 


course of business of the property trans- 
ferred. This exception would not apply, 
however, to the extent liabilities exceed 
the basis of property transferred. The tax 
avoidance test of present law would be re- 
pealed. 

(4) A transaction that qualifies as both a 
section 351 exchange and a qualified acqui- 
sition would generally be treated as a quali- 
fied acquisition. 

(e) Effective date. — Transactions after De- 
cember 31, 1987. 


V 

CO 

3 
O 

K 


G 

_o 
'to 

■> 
o 
it 

ft 
o 

2 


CO 

O 
O. 

o 
u 
PU 

_co 

c 

0) 

'35 

V 

m 
0. 


_o 
'to 

'> 

o 

O, 
O 


c 

01 

CO 

S- 


(4) The proper treatment of a transaction 
that qualifies as both a section 351 ex- 
change and a reorganization is unclear. 




d. Related and 
Conforming 
Amendments (cont.) 

(4) Overlap with merger 
and acquisition provi- 
sions 

e. Effective date 



SJjJ.35 



to CO | 

3 ^ I 



O ° C8 

O OT3- m O 

>h CD CD 
CD CD -u CD X) 

xj ft ca s- co 



' co.2 co *■" 



£ 2£ « S 2 
3 >>2 2 a> g I 

• H >_ M o +3 ' 

<2 gx) ca p -g 5; 

° o-S _£> co v 

, ~- ft_3 a "t^ -^ u 

-S u a-, o a) 

- Jh"» fa -C 
cB coco ft+3 



^-2 
^6 



>> CO M W 
I? CO "3 O 



<u 







ft co co 3 
ftbcS > 

•si's 3 

o.S2 b 

3 o « g 

"e3i— i"^ 
>io co.fa. 
co-C ca 

8 3 - »v 

_2 O » 0i 

a'-Ba^ 

S 2-° «> 

S- ^.gXl 

ft S H-5 a 
— «s S % 2 



C3 00 

"Q05 



&8 



5P * = , A 

.S2-§o 



uoSJt 
,* co r 
03 3,3 S3 
8-2 ££ 
■3. "8 t? ° 
&o\§2 

sjMg 

s o 3 £ 

2 *i cy co 

3,3 3 cci 
So.2^ 

O o X) 

o d - 

3 

ft! g Go 
o co ca-^j 

S -2 « 



g co fa. 3 S'C 

.2 « S-j a o 3 

*3 co Si o o-rt 
ca M T> u co^^- 1 

c32 m d.So>> 
&,s o o » c j< 

8 £^<~ S'£2 

bBJrf g> ot2 .2j§ 
a fi fa fit a" 55 

-38 3.2 * a 

P ,„ xi j3 a 3 co 
hco .B a ^ JK 

3 r> co-3 co -m "^ 
" 2-Q ^ ^ 



3 -u co 
co "3. 



ess 82 -g- 
£ ad g ax. 

^ CO -t-> C " (H --H 

co 2^'^-2'3 S 
fc ^ 3— 1 33 u o 

O 3 0*0 3 2 P 
J5.3 cow B ctf !-. 



co x) C0^ 

S 5^.2 
5S ^ o- 3 
ca c*h 
ft >>co o 

+3x1-3 c- 



"S-fi co^ 



^-^• rt CO 
co Qra'to 



■O » eg* 

co t* ca _ 
r3 o>_ 2 
H22 

^o a' 73 

cc f> to 3 
2 3.2 c2 

ia ^^ 

- co.ca C 



^* ^ CO '~ H •** S 

""caEg >,^2 8 



. g as <a 

13 -2, 2^ 
•2|p.=2 co'S co 

bfe m 3J2 CO 

2 ca co 3-rt 

3< jQ bB to .- 



^ "3 co 

ca g-o 2-- 
3 o 3^>.2 
3 ft ra „ 2 

I °.s ca +j 
i 3-S-a S 
o3 co g ca 

s^i! o > 2 

•S 3^<J co u 
u u o Us 
tr^^i co 't£ 






co 



CO 



-fifl 3 



ca o_„ 

§ >> .2 
S 2"3 
^ S m 

_o «i 2 



{5 — I ■*- „ 



CD - 



§3 S 

, CO CO ** CO 

^^ co 3 

« a"" 2 
» >j c is 

H 3 3 

!5 &cixi 
00 s o^g 

31? co ^ 
.co 



jdftgca 



ft CO 

2 2-^ 



3 ho 2xiii *< Si ™ co co 2 

bjSc .b co ft M » § 

2^ CO . 3 CO CO co^ - 

PT^2 3. 



S* >?"S-S a 



X> o o u' 



3 >> 



ca 



o - ti 



=3 m « 3-3 ; 

s».2 2^' 
"S ■- o '-g oaj "33 

s § „ m 0.2 

<I J-. -^ -^ cet3 c 
P .2-8-8 d^il 

X+3 co co-s co ^^3 

5 25 1 S'2».»8 



1-2^ 



ft 2 1 

SE 



.?ft-^ 
3 .J? *•-< 

■" « _; ° 

T-l XI 

co 2 ^ ffi 

COS 2 CO 
^ CB 5 

£ ca — 
co g *j - 1 
+j S3 ^ co 



0- S | 

I ~3 ID o 

3 3 

; 33s «> 
■e co-o 

S ft ^ >: 



bo co-^ 2 °rS 

^ o W g^j 




3 XI O 

ft a co 



3^3-3 S 



XI CO 



^5 co 
CD: 



o co ■ 



>>_9' 



ca 



m ca 3 

.fl CO 

XI o o 

is; 

CO' 



ft co co 0^3 O 



fc SJ3 



Ih CO 

3 

,C0r5 

+^> C4-, M 



3 o o 
Ooo 
"lacacoj^^ 

>> °-3 3 

2 b c« 5 >, -< 2 £ 
^S3 3|«SS^^|?3 
^ "o "S "8 h 2- m 2u: H co 

{-<£ gj 2^ b a 5" -2 

e ^35 g£2s^^23|^ 
cocjcaBHcoco*3caacoftM 



3w 



3 ft -2 !- 
.3 +• 

ni 3 CO 
CTJ3 



■3 d* O o ^ 
"&XI.3 ca_,43 co 

2g 3-m a 3-S 
o"3 g-g 32 

oS co co 

S O CO ^, .^ CD 

^a»c2 S^^ 

co o-" co o <- o 
ft 



* ° 2 ~ >> 

— O *j3 CO *^ 

3 ,2 "8 *xi g's- 
^^ og,S-J S. 
2 b- 2 S^ . 

!>s S3 b^rt 2 2 
•53 S s.Siijs 






;»» ss ^>: 



03 S . 



2 S 



2 e o 

« a a, 



££ 



o-2 

111 

en =>^ 



cu H 
u cu 



^ cu & 

2-S 



2>-S 
■5-5 © 

as 5 <; 

•2.S ^js 



O °X! 

d OtH 

in 

&o«i 
o o> 

OT3J3J 

-° 3 £ • 

•d - J - O 

« 2-3-8 
-3:5 3 » 

°_l > 

-kJ'O .St4H 

» 0T) O 
tw ° —< 

-d S-.2 
.S totS 
to ^ C J) 

5 um ft 
&S> C be 

45-d 2 3 

P a>x! 






d+ J -l J O'' J 05O5;>'05'd 

a05 05T3O> n e.^ jS 
S <- n £-3 05 ro -^ 05 

^3 -2d --£ 3 05 * 3 

3 „, s- _ s-< ^ 05 rd, >*< 05 

o ^^jt3 0513 3 <s 3 ja 

^ 2 3 -£0 3 id 45 3 



t, 30 toja ^ gj c 

dm *.n *3 05 05 
s->05n3a3S;3t!05 



3 X aj ra ; 

03 ftj2 D. 

ft * C.SfiS 

rt c3 a>"5' rt u 

45.C fe-8 05 O 05 «; 



=9 S.S5 03 



3.2 



BS" 

3 >> >>&. 






§•2 ►.j.s ^J^^a 

-a-S"S'J3oiS ft 05 £ 
05 B o) 2 d "S id <8-B d 
-d ».& S3 §.!3<! 3.^,2 ro 

M as -a os-d-d g-c e-a s- 

<— * 1>X! 3 05 O-^ 05 K— "d 

a o-S.h o ft? ><-p l> u 



3.s b£ 

2 £ "8 

3 05 uu 

' 05 ca _r o "3 

Sft S c^ oa ^ 
03 h 2 ° ° - o 
■d £ -m 05 2 

13 T3-U * 

£JTJ g " 3 05 -w 



2§^ 
is- 

3 3 S 

S S3 

a) aS 



05 



□5 



S fe 3 

05 e- 



05 (15 
ft r/> 



S 05 

£l S as 
^ O m 

I. S3 

"^n2 ft 

T) ft 

Ed i>oo 

^T3 05^ 
U B H 



> 
O 

u 

a 

o 

2 



Eo-S 



^ J»i i.i 05 



05 « 



"-d 1 *- o 3 

05 (3S 05 2 



30x0 

3 05=3+^ 

5858 

^^ 05 -^ »; 



O cs o3 ^j 
05 ^ 05 



1 <-i 1 4J ^t-i 
- 3c2-g 05 

to M .23"" g 
,3 C-S S ft 



js:2 ^ 05^.S 

.22.. o oiTS 1 *; 05 



+= rn o S o 
a] .22 2 'J3 

• rt §^3X5 13 

> "r 1 05 _^ 

« rt-PT1 — 

ca 



03 Sm 



23 f -S-3 a3^ 



t; xt> as +j 05 • 

3 >> a3 3 >r,3 3 

£"£ D.03 03^ C _ 
-3 



o 



oto > a 



rn.S^! >-^3"a 

■^^^^•53 



ft 3 JS -2-2 05-3 
o 05 

(33 03 






3 S<« d-S 
^•2 O §3 
aS "S 05 "^3 « 

-» ft ^ g| 

»i a) q,.S 
0T3 > -o 

-O 05 05 



^0.05 3^3 05 
'.-O 05-3 05-D 05 
SJ 05 J3 ' 1 ~' '^ 03 

e^S°1^3 

S 03 S 3"S-- 3 

^j O 03 05 rr. I— I 

r» K C -w 05 05 

r 2 05T3'3. 



dS-3 3 

.3 °° ."S ° 

05 - S'-i3 

05 Sh ^ 3 

a-3T3 h 
h-2 t3i3 

5.-3 05 03 

.23 05^.2 

3 05.3 t»H 

fed ft 



S 



&.^3- 



it aj 05 



l^ 1- (15 t, in 0) : • ., 



*>>-32 3^:3 



> OJ 
03 to 



05-2 ^5 3 
05 05 05 O 
"Jj_ S to 

"£^3-3 s- 

IS^ft 
^ft°3ft 

05 "^ *^ rv 

P3 03-g-g 03 

05 05 05 05 

c5t3 « a 05 

J3, 05 $ 3 



r^ 3 2o3 
C3X3 3 03 

I. 113-3 

^5 ft O+j 

a 03 oj & 

t _•' H 03 

~ 3 05 « 

C5, 05 05 - 

■3 1 05 -S 0! 05 

C-l I § S3 

5) S ft c « 
C -0 ^ 05 ?5 

h-C'S >>os 

-^ a 05 05 05 

Q 2 o S 

SftC h, 
JJ Cn 03 " O 
■3 O "g 05 re 

3 05 S3 ^ -3 

°-33 °, 3 

"* 03 _ c t3 03 

= .,S Jj* 

"^ 343 fj Cj 

o 05 .3 .3 



T3 ai 



_ C Tl fe 05 J-/V.C5 05 

d-3 05 > £CC-" ^ 















01 











-C 

ft 





oj 




3 


0J 
(V 


ca 






a 












0) 






S-, 


3 












ri 


h 




3 

a 


'^ T3 

ft 3 


05 


^3 

OJ 


^ 


3 


0J 

bo 


oj 
cu 

u 

ca 
a 


-S 
3 


,d 

OJ 
!h 

3 





3 

CD 
-3 


Qj 
3 
til 

CO 

a 



0; 
•- 

■d 

a 


O 


a 
a 

ca 

OJ 
02 

3 



_>, 

a 
a 


05 

2 


a 


O 

0) 


O 


0) 

T3 
3 





3 
O 


ca 

3, 


5 



ca - 



.3 05 S« Ij 



■d 3 o 3 05 



a-d 



P5 



05 3 



agt3 n 

O C2 

n in i»j ^ jh O T^! CO /i-i 

3^ % ft^ftsisl 

S05 O_030503t i '-'-C 
ni r- CO 3 XI ?3 05 

OO 05 B'XS ±3 05X1 
2 £ 05 03,3 „ 

xi 5x b : 2 S eg 



.3 « 



>> 













03 






C 






-O 


►. 






^ 










03 




Ul 


■b" 


05 


X 


> 


T3 


w 


O 



2 c 

3"S 

05 U 

E c 

L>^ 45 

2 » 

S a> 

■3 "3 



C 45 



"cO 

CO 

O 
O. 
O 
u 

a, 

ce 
*C 

CO 

£ 


Reduce basis of stock held by a corpora- 
tion to the extent of dividends received de- 
ductions claimed with respect to dividends 
the exdividend date of which occurs within 
45 days after the date of purchase. Disallow 
dividends received deduction for any divi- 
dends attributable to a period during which 
the taxpayer substantially diminished the 
risk of loss from holding the stock. 

Effective date. — Stock acquired on or 
after March 1, 1986. 


Clarify that bond premium is created only 
where a bond's "issue price" (generally, the 
price paid or value of consideration used to 
acquire the bond) exceeds the amount pay- 
able at maturity. 

Effective date. — Bonds acquired on or 
after March 19, 1986. 


s 

in 

3 
O 


The dividends received deduction is disal- 
lowed where the holding period require- 
ment is not met, without regard to whether 
the stock has been disposed of. 

Effective date. — Stock acquired after date 
of enactment of house-passed H.R. 3838. 


d 

'55 

'> 


Li 




GO 

o 

o 
u 

PL, 

OB 

C 

'35 

0) 

l* 
Oh 


c 
o 
'55 

'> 
o 
u 

o 


a 


'55 

■> 

u 
ft 



CO 
J 

e 
<u 

OB 
0> 

PL, 


No deduction is allowed in respect of any 
dividend on any share of stock that is sold or 
otherwise disposed of before the corporate 
shareholder satisfies a 46-day holding peri- 
od requirement. The 46-day period does not 
include any period during which the corpo- 
rate shareholder reduces the risk of loss 
from holding the stock. 


The holder of a bond acquired at a premi- 
um can elect to amortize the premium — 
taking ordinary deductions — over the term 
of the bond. Amortizable bond premium is 
defined to include any excess of a bond's 
basis over the amount payable at maturity. 


E 

CD 


Li 

a 

c 

*" .2 
'31 

01 -0 
U V 

«"° 

.- CD 
u > 
4) ■— 

bog 
e 

•W 

"o c 
35 ts 

si 

1— 1 ^ 


E 

3 

S 

0> 

Li 
O. 

tJ 
S 
O 

Xi 
4> 

s 

CO 
N 

£ 

O 

s 

< 

CO 



gw 

ft Si 
W-2 



ft) cd 



sg.'S 



fa 



^^ 

ft .s 

tf 3 3 2 

? CI 3j 

i- .-. co 

c> «o S 2 

5 CD 3 ca 

O £ ft fe 

•■a 3 ? 



ftTJOO g^ 

ft en g-p 
-ft. 1-1 ft '3. 
«o .})£ 
s ^h a, c 
cd 3 c 

g oxi 1 ^ o 

°2|°o" 
S co« gT3 

PCs 
» § a ° $ 

■5 « S co « 

•e - ° _2 -3 

q-5 $r§ o 






,3 ft a» CD **_i -" 



J«2 

T3 CD 
CSX 
£ a) 

o 

j"E 

CO 

CO - 

QZ— 1 

U-T3 

CD 

r3 o 

CD U * 

"3 CO 

+j 3"" • 
as —i CD oo 
JS dco 

CD 2^ 

22 b 

ft-S 3 



3 



3 OS 

8»S 



-i s 



CD„i!j 

"o " co^S?- 2 ol 
ctfcx> cd CD, 2t3 co 
£oo-£ o'g^^- 

RhS 2 sh co j3 



g^> 
&CD 

£ 

0) 

o 

CD 



w 



5U 



t^E 




3<M 

° s 



iS .-Sen 



6 iio w 

uy™ ft 

- ft fe 

a -S g 

cd c s .2 
6.2 §~ 

*«2 



ft A 
°g 



3 



CU 



CD CD 



°-2 

° e 



fe CD 

^ -" 



E*H 2 So t S^ g b 2 ft 

^ ° T3cD c«_,rQ-£,3cD 



ft ft 

* a 

W-3 



.2 ft 



.CD'S 
<*«. CD 

?> ft 



3 « 2 

CD CO 

rv-3 © bo 

ft .ft 

^ 3 g 2 



5 j; 

8/3 8 s 

^ rrt ni 






8/3 8 s 

CD Cfl CD 

S a. a 5> 

rg CD g *= O g 
•- „OtH 

s O cd r 

?"£ CO^ 

>o cog 

CD CD 05 



co t3 

CO 



2 TO nrj 
■£ ° CD 



g >.J3 CIS 
c^^ft 

o^ •■ 



rr s l| 

p gin as 1-1 

ft c cd c _r 

ft "T 1 0) s. 

2 22 

ft +3 3 



3 




+J 


Sh 


TD 




c 


01 


d> 


3 


ft 


d 


S* 


m 


W-B 


| 


Sh 




cu 


5j 


S*H 


n 


C3 


"a 






O 


a 


a 




o 


o 


CD 



•j3 y co u 

.t5 C co x) 

--* CD CD CD CD 

; ca S cd-^.-S 



5 a 1 



3 3 



?s 



32 

CO 

S-c CO 

3 ca ^ 
ft jS O 



CD > 

.■S(j«o 



ftn 



3- 



> bi g as jp 

j CD 3 CD 



H ? 3 



CD 




X) 


CD 


3 


CD 


m 


C3 






crt 


ft 
0) 

ft 

CD 

2 


T3 

3 
CD 

ft 

CD 
CD 

6 


C3 
ft 

ca 
o 

CD 
-Q 


CD 

o 
c 


o 


c« 
C 


^ 

"« 


CO 

O 

ft 



C "3 CD ,3 

§ ca St3 



Eh cS 2 > 



ftttcc 

» SS 

In CO CJ5 

-S3- 

I c ca 

■*-? ft 3 

•ssl 



t s«)« 



g|^ 



.sua 

T3|3 33-73 



S 2.S.2 
cd +-; -C 

^3 gTj « 



IS ° 

r-,T3 



3 d £ -* 

l|s| 

3^ ft cd 










.S O CD XI 




-g ft-Q 3 




1 ft cd;- 

<><£ [3 ft 








S co cd ce 

fft CD ft 
Eh ft CD CD 




3J3£ 




+J -w +J 




UMfii^B 




. C "H CD O "H 


3 Oti 


amortize ovei 
of a qualifyi 
facility used 
lat was in op 
xtent that a p 
a useful life 


of the fac 
month am 
d through 


0<° cd 



-3 


3 

-3 


rH 


H 


>> 


1 


c 


CC1 




CD 


3 








H 


X 




"a 


CD 


!-3 



ft CDT3 ., 
X 3 ID 



CS co ,-T ft CD C 
CD 3 O ft ca 

C ft ft CD £ 
N 0) X « ft © „\ 

• rH O. n't ry* ►-< 2 CD 

5 § 

-. i-i -*- _ ft 3 

ij-2 3§is 

5§^=g|« 

" D<253 Sh 

CD;— , ** ft CD 5 

* S 3=2*6 2 
, g CD CD ^ •* 

>»to -2 "3 ,3 =*- b 

3 !•- ft O ° S 
8,2.22 5 -g § 

cd" ca "2 

>>ttH 3- 



3-3' 



r« -a o _ «-* ca 
2 o b -C Er ^ 



fe "3 f?g 



S°»,8fi 



3.2 "^.„ 

H ft ^ Mca.3 M 

« o 0J £-i ^ " 

d,i2 S £ ? cu 



■h be 

-C.g 

T3.S co 



CD 33 P 

CD ft 3 fc ft 

>->j3 O h3 O 

3 *3 13 • rt o 

O, ft CD o-Q 

X OSS 2 r- S 

c2 S 



IrO CD 

3 a § 

111 ^ 3 



. ^S „c'3 



«5.3 



"C 3.2 



O-S 



O CD O ;-, 

CD U U ArH CD 



O_C0 ca CD 



41 



° s 

2 « 
I § C 

•- '-5 « 

O N(J 
ft !S ft 
IX, ft-" 

e £"§ 

■s *£ 
-g 8*3 

<! .5-5 g. 
"2 fa 2& 
ft .** 






(S 



<u 



o 



£00 
3 OS 



w-2 



■8? 

CU CD 

■2* 



f^c 



CD e tn to a R ™ 
> B <d a-a > 3 

a 8 iB « 2 art 

S u ~* ai,a a* 
d dj o -m E .. 
— 5 S o ^.5 a> 



o-B 



«><« 



a co 



c5 -B to fi S „ 

S MOO 0)S J m 

"J 



1 es fc 



^H » 



' d CD 



r B-rta>t.K° a| C 



g «°T3 



^■s a «4-i. 



0) 



O 0)00 
PtSi-l 



>VT3 A « >> <D bo 
.3 o> bo . <a a 

a a & 0^ g 
g o2 2 .2 .u 

=3=^3:21^ 



*% 



_S°o 



o> 



^S 



tu to ^ 

2 >„o fi B w o 
gS'O O 2 H B 

2 cs cd B o cd 
■* cs to -S o 22 . -y 

*- '-.a, 2 2 "8'fc! 





•« 




ft 


« 


00 


<u 


►, 


0) 
X3 


-a 




> 


a 


| 






•Si 

a 


cd 




> 







■3 -2 



CD -B 



5=O.B 



© 
X 

CO 

CO 
H 

g 
53 

& 

CQ 
i-J 
<1 
tf 

H 

z 

w 

© 

O 

z 
w 

O 

« 
O 

© 



s.g 



&H s 



3c»^ 

COq a 

<* 2 



'«2S 

0,01 

CO r-T 

111 K. 
CO >> 

a a 

cu a 
Oh3 

x a 
Ha 

"a * 



■2 a 



a 



£d 



b x 

°a 

cd o- 



ag 



01 CO jj 
-2 °-B 



gs 



■5 c hs 5 



a s 



a s 
co -a 



o>S. 



tD+^ 






3-Q 



^3 * 



43 

g a a ccj t,-a 
.g a ft ^ o > 

y* a . .^_^ 

2 o3aooi3 



^3 



ruction 
cement 
Septem 
ilHon c 
incurrt 




m 

=3 _ 

m_a 






» ,2 w 8 a 


a> 


■a y 


a ft ° cd 


-0 


« <s 


O H CO i-H CU 

sh aee-ja 


2ft . 
> 00 

O CD OO 










ti kG> 






ft CSrH 



JL, CO i 

Bo" 
0) S <D 

ft 1 " ti 

H^ 

ft 55 -^ 5 
m ra ca a 
^ 50+3 a, 
g ft^g 
^3^ a +3 

Jg8S 

gJ3<§8 
-u a >h sr 

2 ^-c^ 3 
"U,©* 3 B 

CD rn O 

S * aX) £? 

3 S »H 

4j ? to 



» o 

«> S 
4= o 

2 01 

I * 

? u 

_ a 
a"" 1 

<D ^ 
ft O 

£2 
» §. ■ 

•* 55 

H co?2 

I o>o^ 



CM 



Q ft ^ 

u a 

•»c2S 

.CM <D*-i 



g-s^.a.as^l 

8 s-i ca^ to-a 2 



m " a2 
s°^ k 22 



S 2. toga 
o §,cd g a 

lllll 

cu a- 

S*t-i a~ M 
a -g 43 

•^ 6a°1 

Ql O Sh n ^ 

g B wift5 

r^ ^ *« 



co a *i 

tD ., . 

B o jh a 

SP+j "to *^ 

B co cd 'a 

x! b p a 

o> O u ° 



B ° o ^ 

3 £ ~ 
a <d" 5 

C3p.t2 

3 co „ a 
" § g ? 

.a § o^ 

co.g m 

§ 2 " >- 
g ft « ° 

O OT3 

!-. o »- 01 



^ooii-HMotri: 

cd s- >» a ft+j ftja 



c 

CS 

S bo 

.2 s 

"^^ 
•-gfe 

OT3 

s a 
rs co 

!m « U 

a * £ 

f >-i ® 

^^ c 
•- a c 
fe a 3 



o»22J 

t*H -B 3 

■- CO > 



2 b a a 

■5 ° ° 
■a „ o >> 

3 CD CD 35 1- 

2t3 3 S a 
> a-g " 2 a » § ° 
I g s 2 S a" S o 

■"a x co . ^ 

. -, CD CD fe 5 
1 CD CO O -B 

1 co ^ jh bo 

1 a a 5 •'B'C 
.H* 3 ^ g ca 
"^ a , cu co 
g 2 5 acS 

_,, -a cd « 

."3 a co j3 3 

a^-g^ a 

co a) ^ 2 



5 . 
C3 CS °^' 

.2 >>oi a3 

g a H& 

"X3 o a 
3ft8.2 

ioSa 

13 co-o 
o « 2 CD 



2-Sgrt 

g.S 0.2 
0*0 a 

CD U V 

t3 o-e 



; 3SgM t s 



ft— c 
-*= . — 1 5 O M 

a^a^l^ 
a*3 a +3-C a 



a oi 



■3 ®. 



43 cd" -i 

- c a 3 

"S^ g 
3-w 2 

cS 3 
fli pp 

_2S CO 

.2 3 3 a> 
•«t(p,co 3 

rt S«3 

S ^ ® 

Jit B C 

®®*i 



S a u 

2 8.®. 

D.<h p2 
O 3- 

3 il 



CO «*- CD <D 



tU ■ Ol CD 



8 8.3aT.Sa E 



co .3 o 

>, s « a >» ° 



_CD ft. 
3 g_2 

r2^ CD 

c s 

1 £5 



giS o3 ft« oj g 



0J.3 CS-3 g 

■w 0^ CJ ° 

«ipg2 S y 

s- +3T5 o 3 
° - a ""' 



T3 CD C0t2 

P"2 H » 

4> G O >- 

C H CO CD 

CS rt CD+3 

•S 42 3 

g ho« - 



SsM- 



6* 

O CD 



B'S 



o »-tj 



OS ^3 CD 



? r a3 



SCD 

o 3 



°iS St3 S 8 ^o ® 



Co 



5* $® 

2 .S'fl.rs 



3 ftS 
CO , — i 



2 -p m 

< cS x 

p3 cS 



2S 



BUSS 

— jS g cS 
be 



B g<:gg 

-pa CC -rt -tP o 



J ~ 3T3 

■o° 1 

3 « <g « 

O T3 « r- 

cd— <U53 



'£££<< 

^ 3 iT ° ° 

3-5 gg| 

g CD >- S^ 

*- S o 2 O 

ft 3 42 cS ft 



[V] u 

rf cd 

cu 3 
-t^ CD 

^ ® 

c Q 

E> S-. 

'-K ® 

W c£ 
tfi) CS 

fes 

^ CS 

ft 



J2 s- 
cS cS- 
co > 



CD £tt! O 

co 3r3 s- 
n rr. t* o. 



-rt 3 • cS 
2 S 8 6 

» s I ° 
S ^ ® S 
a ° M .2 

2 2 3 s- 
"o+3 2 

<u-g y g 

CS ftT3 r- 

feS2§ 
'd--* ftxi 

® ~ CD 

pt| CD CO CO 



CD i, .A bT S-i CD 
5 rt 3_S >^52 
y g-"H ftg 

fl* O CD 2^3 

CD ^ B^+S 

T3 cd g -u 

co *rt O (-) co 

2»2c°S 



co -tJ hDji 



CD Q jj 3 



cS CD 

r3 



CD ^ Sh 

P 01 h 



5) .S9 o co 3 



S ttC S 



3 CD: 



X 



o o >C 



E t> y ' 
1 8 S. a 3 



«3"2 



3"" -3* 

CD CD'S 1 *" 

COTJ , L, 

'G®^ O' 



w 



s- 1 S 



3 2 3 1 *- 2 
G 3 .3 O 3 



i «<£ ® «J to « 

CD 



CD -tp bC 






^j = s & +p cd ^ 

03 -" 3_ 3 S 



tffl >H 



^^h o 3 3 o co -»p 
^ , « °TS S » 

Mi O'H X m 

-2 S®^ J5 

COP- —I CO 

3 3H 3 „, J) 



ap- 



es' 



0> > 3 

03'° 3 o S.&o-^ ® 

s §§ 2 ® s a<i 

cS d ft-ip u co Sb -1 



co 2 
X! P 

W a, 



•H et) 



Q « 



C+a a •Ht3 
a a) g _, el 

-a c F o ScS 
ig mCo a> a 

o a >h-- >-- rt 
2"-g 3 J c.S 

5£.-sS o s. 






0) 0) 

Be 



§ I SP-^ a [ 
g+T-* 3 So 

wggga 

C G S< 



•^H C3 

W it 

® 2 

g:g 

cd ^ 
ax) 

o^ 
10 .3 
«"« 

E"| 

C8 g 

cd o 
>>G 



S.S3 



55* 
^-2 



e-s 



«-£, 



X as c 

s a* 



ca^.a oi u 



-o ca 



ucaftct^b^g 

CT JT O >^* CD 

Ih O <J ca CO rt 
CD >> 



ca a 
to cs a a g 






GB.g 



bo »h o s- ca.a 



Sec 



.S'r! ? o> 



CI 5fi' 



in * g 

o> .a 

> to ^-" 



P— 1^3 o> * 

ii S-g °^ 

CD .J ^ '-£ 

h g.S.§+| 3 



S .8 ° % a 

cB cd<3 



rt g,2-S a 3 .3 

C .2 « bo cB cd - 3 

;^^^ I 

.3 3 n r S:5 M 

3 P en o -^ 0) 

§ £ CO » « a >, 

u « cflng-" ^ 

Sfi'S'oi -S de 2. 

CD _£ -u *^ H K tfl ' 
^ g g, 

co2£8S)0 
S 3 9 ft® 



o'^ £.3"S »h 



) - u o C 
! h ftboa 
) gg.S 1 " S'S^ 



a » b S K 8 h 



.2 ^3,2 S-G 

'g a. 2 ca _,.-a 

C S a2"g M 
3 •- T3 fi 
O-O H^3 M-H 

c C «,-« eg 

C 3 CD'S -2 CI 



"e-9 



E" 1 „ 



^S 



^5 



CD CD 

S^ 

C 3 -J 
—■ocl 
<« ^ CD 

§§ tt 






Sou 

CD 



CCM 



S8S5 Eh' 



.2 Coo 



—i J2T3 
E-i XT3 

ca cd 



61 ^* 



OQ 
&1S 



ft°3 

O CI c 
> in 



+j 'S es i— < 

_ .£ CD CB 

42 S h.-S 
ca o *^ a 
CD o a, ca 
ft .. -Q " 
CD bo - 

3 °° 

3'S "" to 

o o « a 
ca -w h 



C 0) 

-S-Q 

S3 

o 

X > 

C8 > 
-^ in 

ca c 

"8«a 

ft a 

m O 

bo+3 

c 2 

is 2 

ol 

aS 

ftn-i 

5 si 

5*5 ft 



i CDJ2 C O'TJ 

J -a S o "^ ■ S . 

'S2 ^oc' 
■p s« es $ a 

en S O !- 3 

"O S rf en 

CD a - CD -y CB 

X fi^ ft in 
-^ "43 - ca 9 t 



£aS 
o.-a 

h 9 S oi 

=><-2-a 



3 S^ 



■^ u CD CD C£) ca 

n _! o m no ft a ^"a 5 

^-2(3 llS 8 3.-§ I 

•q. > -2 aa,. 



oj -u o ca _e 

vfc~ co OJ CD a* 

[a- ctj ft a -s 

■*5 n ca en 3 j- 



e _r ca 

bo h"^ 
a b-a 



CD 



•5 2 o a 
,S.8| 

Sea o 
^•"S 2 
■8°»a.S 
3_ cd ca _ 
-6*3 > ° S 

^"ft- S *Ǥ 



en -^ a, 
0> ffi-B 

-p 0-P 

in CB J 

e a xi 



«83 

Bf.2 



Ti rn P 



"S3 



-a . 



a|g1U§ 



-ox 

T3 SP S ® 

a o h t3 

* O r- 

^S.l 



T3 

T3 X 0)2 

,2 ca,a i- 

sa -+j -^ o 

H 03 h 

.3 ft-O 



en .2 a CD 



X i 

3 2 



J= pus 
-3 <*■ 
CD ft 69 ' 

a 3«<h 

S-i o 

28s 

i2-§8 

S Oi X 

S2-S 

X-3 >> 
C8 CD -tJ 
■^ tn-73 
en 3^2 

8».S 

a §2 
•° "^ 

CD ^ O 

-a oi +j 



cd * oi -^ 

cS^al 
2 mS2 

, > a o 

ca en ^a 



3 


ca 


CO 
CD 


o 
3 


la 






















3 


be 


>, 

ca 

£ 


3 

o 


ca 


ft 


. 




o 


-n 


<n 


m 


o 




CI I 




CD 










o 








a 


> 


co 


o 


3 




h 


a 








CD 


a 




u 

CD 


ca 

en 


-o 

CD 
> 


c 






0; 


o 




CD 


ft 


CJ 


CJ 



on ca 



CD 



o 

u 

cd ca a 

o? £ § 

2 a s 

t 1 " X !3 

w *- 3 

« g to 



2 '•$ 

"S 41 

-3 be 



o-S 



^1 



■a «d 


3 


QOO 




"Q03 


CO 




0) 


ta - 






3 








4> 
W 



■^cniS 
'3 c 

3* fe 



'> 'cO CD 

2§| 

<-i *- 
,a n o 
3-g^H 

o «) o 

« s^ 

,-> $ 4> 

3 o -8 
ace 



S-. 
CD 
O 

a 

0) 


OX) 

+= o 

a'£ 

O CD 

43 a 


i£'co 
o o 


g 

S 
o 

c 


CO 


o 

X 


_3 

"53 


CD 
> 


o 


c 
o 


CO 

3 


CO 
CO 

CO 


13 

CO 

O 




"3 


CO 
DQ 
O 
U 


3 

E 

-3 
3 
CO 


s 

CO 


a a> 
o > 

a'5> 

» £ 


o„3 

Qd 

CD M 
Sh 3 

ft l3 


CD 
[O 
CD 


13 

c 
o 


a 

CD 

35 
'en 

CD 


2 
o 
Si 


jsj 

a 


CO 

£ 

CO 

>H 


a'S 
c0 g 
o fa 


3 
_o 






S-. 






(1) 


(-L, 




!h 




sh 




S-, 


co 

3 


CD 

s 


3 
o 


a 


CO 

3 


CD 


CD 

-a 


CD 

c 


r 3 


+3 


H 


E 




<u 



C/3 .3 15 co CD £ 3 

co a> o >.S 4> 



-•j _i sh bo^-; A ^ 4) 



&"2 



03 






5^2 

fc] E 



cy - 



^ E 



U -U CD ■ 

! c ^ o3»>>a $ 

i^2cDCDa"^0 
; co £-3"£ fto^B 

! CO 3 o2c^-3 O 

u o a^ a o g k 



cE 



bo c xt a 



3 « coJS.2 S^OJ 



3 o 



333 CD 

i a «•> 



CD 3 



> B-s 



CO (h 






.cy-3 
<£-CD 



•*> e " 3 — 

^.S 2 8 8 
■3 a-" a 

Sh 43 CD'S 



4> CO 

t s 

3 



hD 



CO JH 

S.2 5 
a-« ?) 



xi 



b£ 



* 51 

CD __ CD * & _ 

X 3 CN1 3 

— i CO j3 t3 c8 

4) S jS G $ 



-0 CD 
3 N 

ill 

3. -3 a 
.-£t3 CO 
-3 3" 



S o 



3 



>>-3 a'S J) 

J5 CD— ° 3 

co g 

3 3 Sh O 

-3 CD O CD 2 

CD Qd"^ CO ~ 

3 °^ rt 4) 

3^^ =^2 

.S" D '3_S 3 

,„ « J 3 
3 be 

."S 3 rQ 

-3"C 4) CD +J 

cS.2 a 

a-S co o o 



4> J I? & CD S -O "3 



^"3 3 



•S 4)-F3 



co Qh 3 
3 3 'm 



- o 



X 



S E 



O <ij 

"2 s 
*> 5 
o « 

— cu— w 
f 3 — "S K 

w u "~ 

3a« 
.Hen 
- . 



X33 +3 
4> O ^ 

s"l 

£ 3 Sh 
St 4; 

4> CO 



4>T3 

a 

.5-2 

3 s^i 

O 12 . 



S 08 3-3 4)-tg q*CD 

2.yc«iS§^ g 1 

a^s ^ b . 
So 3^ >> 

j, fe . -u "3 

id 4)"C 30 8 a_2 
^•gg-a^M-g gj a 



S- iu 
CM 



3 CO 

3 CD 3 
3 j3 -3 - 

-3 g 



a co 
2 6- 



cS-2 a 3 



oE^ 

3 * gO,S 






1*3 Sh 35/5-m-i 






~3 & 



s.5 



E o og- 

."g O ^ CO g 

n o Mi? g cu 

u i a i 3-3-3 S-3 

^§5 3^434)30 
-uos-i3BB33 



^oo >>a 
is | g-s 

* 4) ca 2'a 
ca &&£ § 

"" 4)13 o _, 

m^ c-S g 

C B S m h 

S • a a) S o ^ 

ft X -P'O'H 4J 

o ° ft-B -B •" 

u»-w y-* bo 

*h a) S t *-> a 



oj <d a> s-i 
.0^3^ o, 

ft o-S "B 






0) 


-m 0) fi'C C B 

Mlfig S'Sb 

B O 4) fe B 4) 


T3 




•^3— 'J3 O.S42 



03-2 o> 

m Bw 

Cdi3 ^ >h 

bo S u a) 

8!11 



13J2 .P fi C-S 

_2 ca -43 "J o 

a 2 5 -a S 

R a) rC ca ca 
43 -B^ ®-B in 

!■■§ ^ § 



o,S ^C=S 



S ca 



"5 W)-^ 

43 -^ *u 

a. ±5 ® 

OSS 



ca cu 43 ca 



ȣ 



— <u S - 
O u cd 



™ -a to a)---H to a> 

s » ^™ ^ ^ ca 
.2 cfjj S oj « c 

03 .a.n cjs o ^ «> 
"5 a ca "- 1 '+3 ca <*- 
ob * - ° * ° 
^ ca car-n c ca o> 
ft cu-mco +j 4J 

•S ° 4) ®'T ! 4) ° 
* T3 5 

g>a a a> 

g o o 5 
2 £'c'55 £'a 






4)13 4).iT3 O 
bC-3,a to 4) -^ 
c3 « -w 3T3 _ 



c 4) .0 ,a n a) ft+s 



•S ** ?a § m 



a t; ^3^ o as 
a> ca += g 

"' ft^43 ca * 



(SS-Oq 



"-S t, "ca 



c3r^ hjj 



ca „ 4) a a) £ ™ 

ft 03 -U-pH S S-i 4) 

_ts ca a S 2-h 



Wo g 



O Sh 



-a a 



ca^' 
in 4> SJs^ 



SR * « 



■c cuts 

&T5 ° 

4) 4) >< 

X 4), 

ca >> oj 
ca ^5 ' 

ca c o 

>> o "^ 

Cue 



™ a 



cp a o<» c 
ca - ^3 a 

£1? 



O jn-V 



ca *3 



« s ; n 



® S* to 



•-B 8 § 



ST3 O d S' 



<D CO g 

O go 
ca a 



S.S 



4) 4) ; 

■ — .a -u 



c.a ^.«" 
tj ca -h o 

T3 4) ^ -j to C 

° slisi 2 

r^j -r* c o a ca^> 
>-^ to^ --5 ca ^ 

■jH Ij 4) 4) 2 

-a 2 S ^"S-^ o 

gag* Sis 

ca ovh^ ^ -a ca 

^ ffl w g S Q 

C X 43 to +3 o> ^ 



ci t; do o # q 

II 2^8jg 



»S 



a ca+s 

►^ "3 4) 03 ■ 






ca 4) a ® 

Sflg 1 - 

"^ 43 £ ■ 

4) to a-O 



Jh 43 +3 j- .-y t 

>>aca «^i 
o"x3.; 

P S^ O-j 



ft 4) 

a 

03- 



S s 



! -g ca 



43 to^^-^ ^ 

■g-^ ca $ 33 _a 

2 ca 3.> .^-^ 
■5 ^-S-S a 

03 -t^ ca ca -^h 

4) U S-, rr , 

O 4) ^® S cS 

4) -H R O O H, 



a) o S <u 

£ 8 '3 S 

- S5.C8 





a 3 






B S O O ij'H.H 



[O G v u 






■— 1 e , p .en 

T3 S3 H G--h 3 3 

m^,« 3 g a.a 
go * g o> gj-S 

3 a>j=! 8 « a, «> 

6.... m "^ *S (D CO ,3 
t* % CD J* CO*" 

«S^ t .2 =><«.S3 

-u 3t2 ft ^ 3 0J 
SO co « 0-° 3 

Jo E co^o s-. 

2~G 3 
Oh 



01 LO s_ G 

33 O fl)J3 G co 
C do aip-p a 



^5 



3 ^ * o 
5 a> be 03 
c y s 23 

j?j?G OT3 

ftfe^.S 



IJ-18 
s 8 S S 



liS I 



3 5 o B 



Oh 3 »• 



t o ft aT-g 6, 

gS o S ° 
2 u G 

+3 CD C'*-' F 
co ^ CD 

ft"3 b g "Si 
.S3 2 «° a 
-c 53 G.-a o 

**J3 ° co co 
C.SPoo^O * 
°^ rt o J 1 



&2 



tj 3 h ° » «' 

cS rf +J o 3 < 

J3 -& to _* ^3 c 

+3 P o »3 , 

5_Q O" 
0>T3,- 

"S-g 

O (D 

<j~ 3 ftrS 



5 u co 
« £ o 

s- 1 > -3 — ft 
OnGG-gg' 






"3 CD !tn JS "3 ' 



"5-c 

3 £ 



ft 5S 



rt^ "aH /1^ b. r 1 ^ 



«3^^S^ 






ft! 

30h 



-fee-SS 






g sb.s^ g's^ 

m CD G ►* 4S +J t3 

M ft.-G 3 S ft 3-2 
c ^ ft «, * ft > 
3-GcDcagrT'cnop 

JS y 11 XG O 
tD --h (p"G X 

3 tt) bp°P^^ I Q 

i 2 '" " 



° CD § 



CD -St3 
3 CD 



s<3. 



"£ Sh <L) (-1 03 .i-h 

>-i CD'S G ft<< 0) co 



CD J- 
co O 

=" 6 



G 

53 3 



CD c 



ca - 



co 3 
co 



bl)3 



O CD 



OS" 
ft ,G 



CD jj.SlH^ 

I ft fi S-l-H . 
) S3 co 

! «§-o ».« 

"7; £ ^^-h 3 
.■S-" B3 3 M 

00S 



H w =< w en w ^ 

s„S a -3 3 
^ co m y c co 



co cd iT -tt >i J5 

co co K o CD o 

-a-3,2 o S3^ 

T3 F ." P co G T3 

^ ft 3 ; 3'0 b S 

jr co CD 3 3 
CD CD ?, .,.CD CD co 



+3 03 



2 3 

3 3 



3.G 

CO CO 

„, 3 



hj ^ frt 3 CDi — 1 

03 C ctf co co ,_ 

rt l3 .S* co 3 >- 

+^-3 tn CD b — OJ-3 

G-G CD 2 2" a '- 1 fe 
0™ft3GcDO 
G _ O 0-1 G _, 

K fi L Ski, O O B 
5D "l<3 CDtJ to 

0>"H 



3T3 



3 G 



CO CD 

•- 1 G "S ft'd b 
3-3 S PT! « 



; ^«2 



•G >^^ 
— ~ o 
X) 3 

CD tn-O 

be CD o to 3 +" CD 

3 3,3 CD ft . co 

be 0; hj *J fc 3 

C Mil) w+j g 

S3 g 2 c'C S" 

Oh^ 1 CD g 
tl-C.3 



_ ft ft 

bft ft 

G 3 3 

3 co co 



S CD 

ft ° 
c 

Ch3 

3 CD 

-c u 

S s 



o « 



G fc, » 
CD ft-w 
PC 

£ >> « 

S 2 S 

H 3 co 

>• 3 



■O CD 
CD ~ 

" 2 

3 *< 
u !*> 

o Sf 
1c 

.2§ 

"S co 

o* c 
ftS^ 

as a. 
C8 2 



"3 

CO 
O 

a 
o 
u 

Oh 
CO 

"c 

ca 

£ 

•- 

'3 
.e 
U 


Be 

ja 

c 

CD 
CO 
01 
Si 

a 
c 
"3 
"8 
M 


Retain present law. 


s . 

01 

CO 
3 
O 

s 


"3 

CO 


a 


a 

GO 

CD 
32 
CD 

Pm 

CO 

ca 

CD 

£ 

cB 


Same as President's proposal, except 
qualified small timber producers (taxpay- 
ers with 75,000 acres or less) may elect to 
amortize costs otherwise required to be 
capitalized as a result of the bill over a 
period of 5 years. The benefit of the elec- 
tion is phased out at a rate of 4 percent for 
each 1,000 acres (or part thereof) of timber- 
land in excess of 50,000 acres. Taxpayers 
making the election are required to use 
non-incentive depreciation for assets used 
in the timber business which are placed in 
service while an election is in effect. 

Effective date. — Same as President's pro- 
posal except that the capitalization of costs 
attributable to timber planted before 1986 
would be phased in over a 5-year period. 


"3 

O 

a 

s. 

Oh 

e 

a; 

'S 
o> 
s. 

a. 


Amortization over a 7-year period and 
the credit repealed for expenditures after 
December 31, 1985. 


The comprehensive capitalization re- 
quirements for manufacturing and con- 
struction costs [see Item III. D.], including 
the capitalization of interest, would apply 
to timber and ornamental trees. 

Effective date. — In general, costs and in- 
terest incurred after December 31, 1985. 
Growing costs attributable to timber plant- 
ed before 1986 would be subject to capitali- 
zation under a 10-year phase-in rule (10 
percent of such costs incurred in 1986 
would have to be capitalized, 20 percent in 
1987, etc.). 


is 

c« 

C 
01 
t» 

01 
In 
Oh 


Taxpayers may amortize over a 7-year 
period up to $10,000 of reforestation ex- 
penditures incurred in each taxable year. 

A 10-percent tax credit is allowable for 
these expenditures. 


Most costs associated with the growing of 
timber and ornamental trees may be de- 
ducted in the year paid or incurred. 


E 

CD 


QQ 

o> 
o> 

** EC 

H o> 

— CO 

5 g 

s a 
2 x 
E <" 

es S 

s 

U ;~ 

O ca 

■O CO 

C 4» 

S «S 

a, v 

•a OS 

S ri 

H 


2. Expenses relating to the 
growing of timber and orna- 
mental trees 



X 






Sb 



3 £■ 
ca 



(S g.s ca 



o> rt cd £; ft hue? cd 
-^ o ^ R'Sco ca 

^~ s 3 So o ■s.«r « 



ty-o 



s 2 



C3 l- 5 



m^3 



co £ 
c3 £ 

a a 



0)T3 



« 






3 d' 



CB O c 



ca is 


individ 
gains fi 

yalties v 
20% in 

ereafter. 

n such < 


CD 3 


J3 3 


•^ ca 


'3 SP 


M 3 


e.— For 
capita 
ore ro 
n 1986, 
cent th 
rate 


CO 


e dat 
te on 
iron 
30% i 
per 
tax 


3.2 



.Ho a: 



Sett 
Cv .3 ~ 
u O 



-3 O 3(35.2 

U'OTJ'-i+j 



L5^ 



&s 



_c ca 



*!* t* C cj* *"0 ti? "ti 

x a) .3 73 --s 6-- ca 

l|.sl%ll 

sh tS 1 ^ 3 -28 3.2 
Ct< ft.2 5 bD "- 1 

1 ca oo.2 c cd 
I 8 -a 00 -3 .5 ,3 -2 

■G o O Si CD ~ r? 

&J2 >• S£ g 

3 §00 ^ U XJ 



§ 



A C co 



CO CD 



"3 c3 



a»( 



wig's 
ca ca c 

^-,."S o to 
cfl 3,.3'S 

o ca "3 
° 3 5 



.■S33J3 rt 
en ca ** 3 

o 3_, a 



■ — 1 ' o 

,2 "to ca^ S 

M SS3l 



•75 ft cB >h 
g. . o-w 
ft u o ^ 

C C M ft 
co g.S-O 

.^ 6 CD 

go e*< 

2 «■£ 3 

3 co '£ 

s*.s-g 

ocn m 
3 "3 -r! : 3 



Cb cu '- 

+3 ca_ 

-3 * 
co aj 



ft- 3 0, 



" h 



M 



M 



S o ° 
^3 ^ CD 

a. ® e 

ft ft 3 






be >" ■ 
ft o 



•3.23 * 
cu-li 

J - I >vi £ 

> c °*3"S ° 

C.S ca S-T3.3 



33 9^0 -ITS 

> ifi s 3.2 

«« 3 <u 'e8 3 C 

>»S o«H ^Lo co o o 

in +3 3 ca ca--j b 

„ r- CB Sm .^ 

3 bC*- 1 £ cp cu * cd **-" 

•" ^I^jS^tj 



S- tt 



.3 O 



£*•* 



21 

^^ 

O.T3 

ca s 



* 5 2 

'§"-« 
« C8 >, 

U o o 



— <u 
ca.fi 

ft-s 

C8-" 
U O 



"3 

CO 

O 

a 
o 

la 

ft, 

CO 

"d 
= 

hi 


(a) Retain present law. 

(b) Same as House bill. 

Effective date. — Costs paid or incurred 
after 1986. 


i 

d 
o> 

CO 
0) 

u 
ft 

g 
■3 

+3 

CD 

K 


S 

a> 

CO 

3 
O 

a 


(a) Same as President's proposal, but re- 
quire recapture of both expensed develop- 
ment and exploration costs at the time the 
mine begins production. Recaptured 
amounts, and development costs incurred 
after the mine begins production, would be 
recovered in the same manner as deprecia- 
ble property in Class 1 (3-year recovery 
period). 

The 20 percent of corporate exploration 
and development costs that are not ex- 
pensed would be recovered in the same 
manner as depreciable property in Class 2 
(5-year recovery period), beginning in the 
year that costs are paid or incurred. 

Effective date. — Costs paid or incurred 
after 1985. 

(b) Foreign exploration and development 
costs would be recovered. 

(i) over a 10-year, straight-line amor- 
tization schedule, or 

(ii) at the election of the taxpayer, as 
part of the basis for cost depletion. 

Effective date. — Cost paid or incurred 
after 1985. 


With the exceptions below, minerals 
whose present law depletion rate exceeds 5 
percent are phased down ratably to 5 per- 
cent in 1988. Minerals having a 5-percent 
present-law rate (e.g., sand, gravel, and cer- 
tain clay) are phased down ratably to 0. In 
conjunction with these changes, the 50 per- 
cent of net income limitation is phased 
down ratably to 25 percent. 

Present law depletion rates are retained 
for 

(i) minerals used to produce fertilizer 
or animal feed ("agricultural miner- 
als"), and 

(ii) dimension stone. 

The 50 percent of net income limitation is 
retained for these substances. 


"3 

CO 




s- 
CU 
at 

d 
*S 

O) 

b> 
ft. 


(a) Retain present law. 

(b) Retain present law. 


Phase out percentage depletion of hard 
minerals ratably over a 5-year period. 

The basis for cost depletion of hard min- 
erals would be indexed for inflation. 

Effective date— Production on or after 
January 1, 1986. 


J 
d 

V 
CO 
0) 

b 

ft* 


(a) Exploration and development costs 
associated with mines and other hard min- 
eral deposits may be deducted currently at 
the election of the taxpayer. Exploration 
(but not development) costs which have 
been deducted currently either (1) are ap- 
plied to reduce depletion deductions, or (2) 
at the taxpayer's election, are recaptured 
in income once the mine begins production, 
and then recovered as a depletable ex- 
pense. 

In the case of corporations, only 80% of 
hard mineral exploration and development 
costs may be expensed. The remaining 20% 
must be recovered over the 5-year ACRS 
depreciation schedule (beginning in the 
year that exploration and development 
costs are paid or incurred), with an invest- 
ment tax credit for domestic costs. 

(b) Foreign exploration costs must be 
capitalized to the extent the taxpayer's for- 
eign and domestic exploration costs exceed 
$400,000 per year. 


Depletable costs with respect to hard 
mineral deposits must be recovered using 
the greater of — 

(i) cost depletion, or 
(ii) percentage depletion at the appli- 
cable statutory rate for the mineral. 
Percentage depletion may not exceed 
50% of net income from the property in 
any taxable year. 

For corporations only, percentage deple- 
tion of coal or iron ore, in excess of adjust- 
ed basis (determined without regard to the 
depletion deduction for that year), is re- 
duced by 15 percent. 


E 

0) 


D. Hard Minerals 

1. Exploration and development 
costs 

a. General rule 

b. Foreign exploration costs 


i 

V 

d 
S 

T3 
s. 

a 

js 
■•*- 


e 
_o 

% CO 

"ft'S 

&l 



u 


c 


3 








ft 




-o 
















-d 
C 


o 


0> 


ed 


UJ 


-C 






H 


« 


u 



OC K) 



m CO 

ft *-• 
o 

fJS 

c §i 

.2-2 § 
«2 c 

r2 ® >, 

ft '"3 u 
<dt3 d 

c S "2 
a> 8> * 

&J ft •_ 



-a ° ft 
d c« a> 
c en 



S « o 



I « 3 !h 



=£7 «_ 
nS-o-3 a>S 



0) 



-S3 »H3 



a> >> 



flu* * 



cs 3 



2 '-3 C Oi « 
^ "2-3-° 

5 c < 2 

*-t 111 "^ 



^ a> <x» =. 

2 O Eh -j3 -O 8 

+3+3 o G c 
a) cd —i 3 cd cd 

6 S^'S" S 
M 3 — 1 CD (D p 

9)2 S^-g j; 



O 3 rQ 

g*"o to c ffi 



sh a> ft gj 

ai in a> Xi 5- a> 



^ *3 CD "^ ^3 
„ S.Q 3 0) 

ft-O O^O) 8 
M 5^3 3 CD 

s * 2 * C 



1 .a s-s.2 

u ^ e h to oj 

a ^ -^ 8. a 



h — .+ J m *-» - rt ^ 
**H c3 _ cd CD -i 



= 6 
<3 



<u t3 fcuo J> o> o> £ G 



— * cd ^ 



cs £ 



^a 



c — a -s +3 a B 



S«s. 



8 ® ^ to S-d 

G.J3 _,O.S co S* 

cors cjj cd-9 



S 3 



« 3 8 c m S § g 

d'O , CD ~ ** G S- 

CO) co 2 cd o> cu o 

T3 CO O ~ „£ ft ft^l 
CO O-t^^-M ^XcD 

ft'S 



O 3 



1 OTJT3 

ca-d-S co 53*^2 
d > o 5 3.d o 

C > o ft to -w *J 



.5 o 



ft g 
X O 

d 



" 3 

Si 3 

2-3 



=1 

o S 



'8 
ft 



01 



o 
O 



a 
•o 

acx> 
"•S28 

&T.2 



cd o 

11 



£ co g 



,5^3 



o 03 o 3 



3 ° ." 
t>0 



g 3 

2-0 



s 5 



3.^3- 



75 3 *3 



CJ fl ™ 
.3 CD i> 

3^ 



U o 

Q 3 • 

Lh-3-3 



s3 fl <2 £ 



5 cO- 1 - 



CD tB 

S- £0"o 
COja g- 

82 § 

3 u 
hi O co 

a "•" 

3 n,^ 



CO 






'5 c fl 
3 2 

T3 3 



5 . § ~ a> 
ft co co ^JS 

oggSt 

■ ^ 3 a ^ cfl 

0,-0 h u J 

>■<£ S-T3 ft m 

o cO<l£;~ 

s c 5 o S h ">tj 



T3 > 

.5 C <u <u 

_ O Jh fe 

0^3^ 
MO 3>5 "<2 

.SQ.S c 



co-3 



C 33 

O O 



am r « 

m r- 1 I— I CO 

^3 <S"8 



> £ 
0.2 



co o 

ft* 

o a 

12 

£~£ 

O 

3 u 
O.O 
• ^h cm 

O CO 

«"to 

CD CO 

3J 

la's CD 



3 
o 

3 

Ih 
o 

-g 

'3 
a 



o 
O 



-s 



co 






ST3 CO 

CD Sh 

CI, CO JD 

o 3 ft >^: 



1 3 O 



3 5- i>> 
t3 3 Sh 



0,13 CD 



as «S 



CO>>s-|COT3o3tl£)H 
hrcSS-S^CD.SSOcDS 

£ S S 3 15 C £ ° ftS n 
^ S3 2 W-S^ £^T3 S^a 

g?»* la 5^ agio's 

fln^-Si co 3 -g -s to 3 s S ft 

0»>.- c eO 2P U °«&0 



q_ cd cr> ^3 



S^?. 



CD s- 
45,3 



5-3 

co. 3 
3 O 





— 


a 




u 






T3 






cu 


P 


CO 


J2 


e 





3 


v5 



_U3 _2<J3 



? £X 

a, ca o 

co CD J3 
c3 >,« 

ft 10 .5 

53 c3 C 



S Eh'-S-x 



3 S 300 
Otoxsgo 



.2 c 
o 

fl -S 

+3 CX 
ftx) -2 

E^ 

fl) CO +J 

*£8 

> IS +J 

* °<~ 

Ji5 bo 

- ^ fl 



3 CDCIJ X 

fl C-i o> 



Jto- 



ca 



CD co s 

85.2 . 
.2 So >> 

T £ 3t 

o b^ S 

cSSpft 

a a o 

C .ft K 
O CD~ ft 

+" -fl *rd 

cu +3 3 oJ 

•3=3* S3 

„, . O-S 
CD ^T+J if 

M? O 

fl >> ca u 
a> o bo o 

O iVl CD 

S3 CD h <3 

a flflM 

2>-flS 
■fl-ots ° 

e l!l 



■SB 

ca 

CD O 
r-j CD 

r9 h 
bo (p 
3^ 



fl2 
■fl 3 



-a »j 



*3| 

w a8 
-o.S 



-Q ° ft 

co c ca cd 



I CD ft ° 

ni ox) 
"53 'S cd fl 

° ni 5 



r ^ ca c £?o 






^Dh 



cd ca 

□ ftrfl ja 

^ cd ca 

cd 5 ca x; 



C 53^ 

o aa 

' J3 O CD 

2 a" L . c 

ft bD _ .3 ^ CD 

3 O CB CD— +-> 
m fl 3 CD >h^ O 

_g,3 g — pO £-3 

Z I 

CD — XJ & > CD 
ft^ 2 ? tS "fl 

S"C cd c 3 co 

3^&cf.2S3^S3 






"•"gPSa! CD3, £ 



51 S33 c 
c > ca cd 3 

fl O S- o ca CD 



bq 



=3 6 



^ M CD Vj 
Ofl-fl 3 



£ es»So 



ca S r> 



•H W U 



R ft« 



.T3^J 



CO CD 

3 a- 






CD >0 



£ 2 



fl S3 



O fl CD 



C fl ° 
CB.2 

7 ft 

3— , fl 3 

ftiH 



CD-rt -5 



cd co 3 c • S ca 

o cd co n "O fl 3 „, g 

g -fl g> o ca fl ca 

a ofl 



£ y ih-c* P 5-o 



CD O coJSg 



ft ft: p. 



•2 h 

-3 T3 o 3 „, 
« <U . "a g,co 



a o 



^'S^ft 



3, O o 3 



.32 



beca- 



"--3 

fl c 
Eg ^ ca 



S 



co g 
j-O fl— 1 CD 



A ■ ^^ ftS3iJ^ a, S3 |c ofS 

- OO-S S'O Art 



"5.2 ca o 



S3 o' 

-S o 



kt-h m — ■ ca ca 
3 £ xi ca ft ^ - 



x3 



S , "§'°S( 

c?^-'S:fl 



yj H oj ss k 
ft 2 K?^ 

S^ 5 ca cd 



>fH rfl PTi 

CD -3 * 



3.2 
CQ-tt co 



C5 T 3 , 2 



S 2-w ^ 

a " CD 
3 fl" ft 3 

.y cd ca 

CO u > 



CD ^ 



be Sx ** 
fl 3"^ ^ 



3 








<\j 


ft 


XI 


CD 




XI 


-a 






bn 


03 


3 



'3"fl 



3 03 X !fl S 
X !h CD o> -a 

"So * cd -fl "S « 








S^^^^TJ 




inta 
197 
to t 
ver 
due 
nd 




^03°^* 




Expensed 
rred afte 
ry incom 
ch costs 
ve been 
Ditalized 






fl 


3 2 3 2 3 

O 3 03 — O 





.2 e 

•- Cu 

Q 



a c 
a ?» 

a c 



5E 



.2 to 



S'Sr? 



.5-= ft 

s w o 



5f£ 

u o -»-> 
CD cm 
C_ CD 
*«* 
2 * <a 
Coo 3 

0)05 0) 

-S^ S 

o S £ 
o> "*•£ 

be £1) 3 

"2 « of . 

8 u "s 

TO ^j 3h 

* °o g 

%%%% 

h.°Joo °> 
h 3 « 



)£.S 
2 « 



ff-S 

3^ 
m 3 

TO 

Coo 
■o.S 



W 



ShO 

OH 

CD IS 

8 cs 

o> t- 

bC^ 

28 

bo 

TO r- 1 

"S 3 

05.3 

u .3 



^2 

«.S 
£ <d 

m TO 
_B In U3 

*o OS 

si" 

TO U 00 

« °oo 

S * )S 
X CO lO 

H .-ss 






is 2 



W 3 



M 



ft,o 






CO "^ o 
CO 



O-S 3 3 
ft'oH""' 

s£ V 

co X **> 

"a -2 S2t3 

co "- 1 ^ 
m CD CDOO 

III i^ fi' 

toJ5 h" - 
oo^-a | 

CO 



2p3 3 

cflE-i co 
^_C CO CD 

2 »i 

P= CD 3 

^w s? a. 



cufenH'3-a.a 



CD ™ CS 3 

O CD CD O 

si c ^ 

a> cd cp ,„ 



00 LO 



t--3 « 3 



•o 2 3 



5 >2 

ft ?"3 



s-ojo" 

2 5^3 
"2 ^ 3 

3 * ffi-g 
HhoSS 

ills 



§J5 

III 

a*' 

C co g 

"*& co 

^ o© 



a-S" 



-Q 

cfl 


3 


2 


is 




O 


o 




IS 

CO 


"3 


CD 

ft 



CD 



''S 3 



to CO 3 

00 fl ,rt 

CD^ 

x2 



.,© CO 
."3 CM CD 



h ^ >> 



§"5- 



CD <D°0 ftrQ g 



'•5 2-i 



# a a 



o 


rt 


c 


m 






cfl 


1-. 




Wl 




01 




>-. 




(U 




CO 




>, 








O. 


>, 






oo 




TJ 


Lm 


lO 


CD 


O 




!h 


!S 


-3 



*3 CD Vi i 



^ I 



^ ^ 



j-j CO 

ci CD 



5= § 



ca,oj 
8 ^ 



cs >> 

rC 

^ bB 

CS 3 



.8 3 

cs >- 



62 3: 



T3 v. 
(DO 

&^ 

O UO 

33 oo 

C3C5 

to 



> jh a, CD 

■3 a > 

1 4^ H /^ 



2 a-« 



o m o<., 

1 — ! m .^h 



«^h3 S 



S 3 rn^ « CDhQ 

CD g U J- „ 3 >> 

^,8 « ° 3T3 « 

n -u> o. H be 



3 x 



3 
CD 

"S 

CDO 






^ a^S.5 o 



CO cC co 



< !-,: 



3 u 
■ 2T3C-- 
'© *2 " 0)00 

igSS§2 
: a; cP 

< d) ci H 



5 s g.-a 'S-e a 

^ bo Oi x 3 in 
« °- fe 8 ^ cJ CD 



bc 



! CS CT3 g§ 



6S«x °2-3' 

-I co ,-h m ^3 J-< <D 



oh cs go g>s-g8^ 

h B-g S- ,H O g 

2 -a f«H «5P^§ 



"O 3 
Oi 3 



!?< oo 



J3 » J3 

be a bo 

§ I § 

X -MM 



2 <s 
8 & 



.13 ° ' 



T3 



S 050 



CD^I 



2 » 

3|| 

CO o 



2 & 






p S v-2 



o, '3 o. 

113 ^ 6 



'•V$ 



CD CO 
3 CD 
CD >^ 



3^3 



"S b-S o £ ft £ 
co °\2-J3 ■" ft 
ft c ft cs eo^g — 
g £ 3 "oo °^ 

g . ^ C CD 

5 jg '3, CO ,o _to CD 

CT CO rn O O — 

CD CJ 



<" CO m 3 g 



CD CD ■ 



CD 



^ ft rQ C CS 



CO 



31^ $ 
S-. CD 

oog 



'-« SPS OD 



= s 






0) 



■« CO 

^S >. CO 

COB '-3 

13 3 S 

a5 CD ^ 

. « !2 

r*> C 'to 

bo 1 — 1 4) 

*■ «" CC 
CU 4) 









•5C 



^ » 



"3 

go 

O 

a 
o 
u 

Oh 

CO 

~e 

03 

£ 

u 

'3 
j= 
u 


cs 
+j 

3 
a> 

CO 

o> 
u 
ft 

g 

'3 

0> 


(a) Same as House bill, except effective 
after December 31, 1986. 

(b)(1) Same as House bill. 

(2) Same as House bill, except effective 
after December 31, 1986. 

(c) Same as President's proposal, with 
modification, effective after Dec. 31, 1986, 
that would deny duty-free treatment to 
ethyl alcohol imported from a CBI country, 
if in that country the ethyl alcohol has been 
only distilled, dehydrated, denatured, or 
blended with other ethyl alcohol. The modi- 
fication would not apply to certain facilities 
established in reliance on a ruling issued by 
the U.S. Customs Service to the producer, 
provided that the ruling was issued prior to 
March 1, 1986. 


5 . 

<u 

00 

3 
O 

SB 


Same as President's proposal, except 
that an exception would be made for meth- 
ane gas produced from wood in facilities 
placed in service before January 1, 1989, 
and sold before January 1, 2001. 


(a) The 60-cents-per-gallon income tax 
credit would be repealed after December 
31, 1985. 

(b)(1) Present law would be retained. 

(2) The 9-cents-per-gallon exemption 
would be reduced to 6-cents-per-gallon, ef- 
fective after December 31, 1985. 

(c) Same as President's proposal. 


"3 

% 
o 
a 
o 
u 

PL, 
00 

C 
0) 

IS 

"oo 

0) 
la 

a. 


The credit generally would terminate 
after December 31, 1985. 

Under a transitional provision, the 
credit would continue to be available for 
qualifying fuel which is produced from a 
well drilled, or facility completed, before 
January 1, 1986, and which is sold before 
January 1, 1990. 


(a) After December 31, 1985, the alcohol 
fuels tax credit would be available only for 
alcohol fuels produced from facilities com- 
pleted before January 1, 1986, and sold 
before Jaunary 1, 1993. 

(b)(1) Repeal excise tax exemptions after 
1985. 

(2) Repeal excise tax exemptions after 
1985. 

(c) Retain duty on alcohol imported for 
use as a fuel. 


ca 

J 

a 

V 
CO 

eu 
Ol, 


A tax credit is provided for the domestic 
production and sale of specific fuels from 
nonconventional sources. The credit ap- 
plies to eligible fuels sold after December 
31, 1979, and before January 1, 2001, pro- 
duced from: 

(1) facilities placed in service after 
December 31, 1979, and before Janu- 
ary 1, 1990, or 

(2) wells drilled after December 31, 
1979, and before January 1, 1990, on 
properties which first began produc- 
tion after December 31, 1979. 


(a) A 60-cents-per-gallon credit is allowed 
for alcohol mixed with gasoline, diesel fuel, 
or any special motor fuel, if the mixture is 
sold or used as fuel. The credit also is pro- 
vided for alcohol used in a trade or busi- 
ness or sold at retail and placed in a vehi- 
cle fuel tank. Eligible alcohol includes eth- 
anol and methanol but not if made from 
petroleum, natural gas, or coal (including 
peat), or alcohol less than 150 proof. 

(b)(1) Alcohol fuels mixtures. — A 6-cents- 
per-gallon exemption from excise taxes on 
gasoline, diesel fuel, and special motor 
fuels is provided for these fuels if they are 
mixed with at least 10 percent alcohol. Eli- 
gible alcohol may not be derived from pe- 
troleum, natural gas, or coal. 

(2) Alcohol fuels. — A 9-cents-per-gallon 
exemption from the excise tax on special 
motor fuels is provided for neat methanol 
and ethanol fuels which are not derived 
from petroleum or natural gas. A 4 l /2 cents 
exemption is provided if the fuels are de- 
rived from natural gas. Neat alcohol fuels 
are at least 85 percent methanol, ethanol, 
and other alcohol. 

(c) A 60-cents-per-gallon duty is imposed 
on alcohol imported into the United States 
for use as a fuel. 

The above provisions ((a), (b), and (c)) are 
scheduled to expire after December 31, 1992. 


g 

0) 


s 

o 
o 

s 
o 
s 

£ 

o 

eS ce 

CU 

co 5 

3 3 

u ■ 

c2 « 
:s o 

•82 

2 s 

CO 


4. Alcohol fuels credit and tax 
exemptions; import duty 

a. Alcohol fuels income tax 
credit 

b. Excise tax exemptions 

c. Duty on imported alcohol 
fuels 



; O.S" w 

13 a _ 
11 it --j 



a v> ■ 



ffS fl o 
o> cd 3 

d £ 0) 

p CD 
fl > S 

a &» 
a . -o 
a> hi —< 
en o 3. 

as ^o - 

CD^^ 

a'C 

<U CXJ 0) 
r-H en 

o°| 

■*. t> ^ 

rV:3 CD 



o cd cti cd 
rt en S 



« £ ■ 

a> cs h 



C M S 



tS 






S 2 c 

S £ s- : 

d) c <-. 

O -rt 
O* en o 

■2^? * 
l2S§§^ 



S-5 o 



a 



§i^j£.2 

•3 ■" en en o +3 
13 >>-2 « ^ § 

<£ 2 a> cs ^^ 
■J a g ".3 I 

42 en S a> X-H 

■p s <" o « a 
y-3^ 
a c«>— . 



c 3 o c 

O O.ES Cd 
o ■ en Sh 

C-y coX 

s- £-c a 
& » o ° 



CD CS 



^ So 



03 



0i bJD' 



O <K <1> 0) 

1S3 2 



3 S: -n-i t3 

5"g2 a 

o^ o 
en 3 en -u 

cs u -h .a> 

c; a) a^ 

-w,J3 aj-3 

; a -2 £.2 

i <D o'3 >h 

.2 3 5-2 
"uSo 

• 5^^ 

; « x 00 cp ^ 
<K PS R^cffi 



2 « 



w s'-s 

•3 TO 

TJJJS 

Sh o 

cs a>Q 

S3 C 

rh h (I 





73 

CO 

O 

a 
o 
u 

00 

*c 
ea 

E 

S. 

'3 
-C 
O 


The tax rate on wine having an alcohol 
content of 21% or less would be increased to 
a rate equivalent to the proof rate presently 
imposed on beer. 

Effective date.— October 1, 1986. 


The rates of excise taxes on alcohol and 
tobacco products and fuels would be adjust- 
ed to reflect changes in prices, but would 
not fall below the present-law levels. 

Effective date.— October 1, 1986. 


No provision. 


.2 
"5 

CD 

to 
0) 

u 

ft 

g 
'3 
"S 

Ph 


Retain present law. 




s . 

01 

CO 

3 
O 

X 


d 

_o 
'to 

■> 

u 
ft 

S5 


c 
.0 
'55 

■> 

u 
ft 



The diesel fuel excise tax for highway ve- 
hicles may be imposed on the sale from the 
wholesaler to the retailer of the fuel (or by 
the manufacturer where the sale is direct 
to the retailer), at the election of a "quali- 
fied retailer". 

Effective date.— Sales of diesel fuel (for 
use in highway vehicles) after the first cal- 
endar quarter beginning more than 60 
days after date of enactment. 


The 4-cents-per-gallon motor fuels tax 
exemption for taxicabs is extended for the 
period from October 1, 1985, through Sep- 
tember 30, 1988 (the current expiration 
date for all Highway Trust Fund excise 
taxes). 


An exemption is provided for certain 
otherwise taxable crude oil which is ex- 
changed for an equal amount of residual 
fuel oil, to be used in enhanced recovery 
processes on the producing property. Only 
crude oil attributable to an operating min- 
eral interest qualifies for the exception. 

No depletion deduction (including cost or 
percentage depletion) is allowed with re- 
spect to crude oil qualifying for the excep- 
tion. 

Effective date. — Residual fuel oil used, 
and crude oil removed, after the date of en- 
actment. 




"3 

CO 


ft 


1* 

Oh 
Oi 

C 

s 

'to 
41 
i. 

CU 


c 

'to 
■> 
O 

S- 

ft 



c 
_o 
"53 

1 

Sh 

ft 



a 
_o 
'53 

'> 

s- 
ft 


z 


d 

'to 

'> 


u 

ft 



3 
O 

'53 

'> 


Sh 

ft 
O 




ea 
-J 

c 
41 

CO 

41 
s» 

Cu 


Wine is taxed at different rates depend- 
ing on the alcoholic content of each type of 
wine. Beer is subject to tax at a rate of $9 
per barrel. Wine containing 21% or less 
alcohol is subject to tax at a lower rate than 
beer on a proof basis. 


Excise taxes on alcohol and tobacco prod- 
ucts, on gasoline, diesel fuel, and special 
motor fuels, and on aviation fuels are im- 
posed at flat rates per quantity of the tax- 
able product rather than in a manner that 
reflects prices of the products. 


An excise tax of 15 cents per gallon is 
imposed on the sale of diesel fuel for use in 
a diesel-powered highway vehicle. This tax 
is collected at the retail level. 

The excise tax on gasoline (9 cents per 
gallon) is imposed and collected at the 
manufacturer's level. 


A 4-cents-per-gallon partial exemption 
from the motor fuels taxes (9 cents for gas- 
oline and special motor fuels and 15 cents 
for diesel fuel) was provided for fuels used 
in qualifying taxicabs (through Sept. 30, 
1985). The exemption was effectuated 
through a credit or refund (without inter- 
est). 


An excise tax (the crude oil windfall 
profit tax) is imposed on domestic crude oil 
when it is removed from the production 
premises. The tax does not apply if crude 
oil is used to power production equipment 
on the same property. 




£ 

4> 


. Excise Taxes 

1. Increase in wine tax rates to 
beer tax equivalent rate 


2. Adjust alcohol, tobacco, and 
fuel excise tax rates to reflect 
increases in prices 


a 

"4> 

CO 
_4> 

■3 

Oh 

O 

S 

•2* 

41 

— , 4) 

0.2 

W X 
4) 


s 
# o 

a. 
E 

4> 
X 
41 

X 

ea 

CO 

a 

Xi 

ea 
w 

■3 
ea 

H 


5. Windfall profit tax exemption 
for certain exchanges of 
crude oil 





73 

QD 

o 
o. 
o 
u 

a. 

X 

"s 
£ 

s- 

■3 

-e 


An exclusion would be provided from the 
definition of wages for social security pur- 
poses for amounts received by Federal 
judges who meet the criteria for retire- 
ment on salary (e.g., age 65 with 15 years 
of service or 70 with 10 years of service), 
who retire, and who perform active duty. 
The effect of this exclusion would be to 
exempt such amounts from social security 
taxes and to preclude such amounts from 
being counted for social security earnings 
test purposes. 

Effective date. — Services performed after 
December 31, 1983. 


(a) The FUTA exemption for certain non- 
resident farm workers would be reinstated 
and extended, for wages paid after Decem- 
ber 31, 1985 and before January 1, 1988. 

(b) A permanent FUTA exemption would 
be provided for wages paid to summer 
camp counselors who are full-time stu- 
dents, effective for wages paid after Sep- 
tember 19, 1985. 

(c) A permanent FUTA exemption would 
be provided for wages paid to certain fish- 
ing boat crew members, effective for wages 
paid after December 31, 1980. 

(d) The quarterly payroll threshold at 
which agricultural wages are covered 
under FUTA would be increased from 
$20,000 to $40,000, effective for wages paid 
after September 30, 1986. 




5 . 

01 

3 


BG 


a 

.2 

'in 

> 
O 
u 
a 


S5 


(a) No provision. 

(b) No provision. 

(c) No provision. 

(d) No provision. 




73 

en 
O 

0. 

■-. 
Cu 

e 

0< 

75 

*cn 
01 

a. 


a 


a> 

'> 
O 
Sh 
ft 
O 


(a) No provision. 

(b) No provision. 

(c) No provision. 

(d) No provision. 




« 

C 
01 

Ol 

la 


The 1983 Social Security Amendments 
(P.L. 98-21) provided that the wages of all 
active Federal judges are subject to social 
security taxes, beginning January 1, 1984; 
this provision applied to both current and 
future judges. The 1983 law also provided 
that amounts received by judges who 
achieve senior (retired) status but who con- 
tinue on active duty are subject to social 
security taxes on any part of their pay at- 
tributable to periods when they are per- 
forming judicial services. Those earnings 
also cause reductions in the judges' bene- 
fits under the social security retirement 
test. P.L. 98-118 delayed the effective date 
of this provision until January 1, 1986. 


(a) An exemption from FUTA was pro- 
vided for wages paid for agricultural labor 
performed by aliens admitted to the 
United States pursuant to sections 214(c) 
and 101(a)(15)(H) of the Immigration and 
Nationality Act (Code sec. 3306(c)(1)(B)). 
This exemption expired on December 31, 
1985. 

(b) A one-year exemption from FUTA 
was provided for wages paid for 1983 by 
certain summer camps for employees who 
were full-time students (sec. 276(b) of P.L. 
97-248). 

(c) An exemption from FUTA was al- 
lowed for remuneration paid during 1981- 
84 to certain fishing boat crew members. 
This exemption applied only if the remu- 
neration depended on the boat's catch and 
the crew normally consisted of fewer than 
10 members (sec. 822(b) of P.L. 97-34). 

(d) FUTA tax applies to wages of agricul- 
tural workers on farms with a quarterly 
payroll of at least $20,000 with 10 or more 
employees in 20 weeks of the year. 




S 

01 


— - — 

B. Employment Taxes 

1. Exemption from social secu- 
rity coverage for retired Fed- 
eral judges on active duty 


2. FUTA tax provisions 

a. Certain nonresident farm 
workers 

b. Summer camp counselors 

c. Fishing boat crew mem- 
bers 

d. Agricultural wages 











en o 



'o'a 

bOO 

- C in 
U *■* 
Or-, 3 

2<+-43' 
fto'S 

2 ° 
ftSlS 

3 <u m 

,2 C 

cd <5 

all 

43 P-, 






4a cS' 

■•°.g 

>- O rt 

ca > 

4; U CD 
43 ■** 

« SJ> 
x 3 .2 
ca '^ ' 
H .3 „, 

I cii cS 



-u 3 5 X ,-, +3 

O <U-2s3-a f! 

■c-° •:1a 8 « 
s ^o.a^ s.a a 

&42 " ^ o * 3 
ftg Sc5 m 



o™ 



T3H 



>»«H * 3 



s.t 



£?_2 O 

CO 4-J 



-M-gio Q 43 x 

g £ ^ 3 ^ftg-SJa 

o S o id a h s* 3 

o bC-£ a-s u 3 3 <D 

a a =3 3-2 ® $ ° s 

,3.3.cacacas-i>>oB 



^-H -J^ g g^ «j« 

£3 3 * 2 Eo3°'S 
* ©£ g> «--« § S3 „, 

fills 3 H*lg 

m £ g-2 2 2 5 »-5 ft 

9 (DCa^MSmCD"^ 1 ^ 

§| o-3<g J 8,8 ftg-S 

'•5 ft£"3 a> g id ^o m^ 
3 a ■« bp » S ftco ™ , 



co .O 
cS cS- 
bog 
3.2 

Co T3 cd 2 in ^s -rf 
acHcojrf-i^i^acD •-* rr> 

43 iS -£ ¥ -g j3 13 fti3 "3 43 



g o C 



2 5^13^ 



1*1 
a CD" 

.g-fs CD 



CS ^ 



<D Q.-S 
CD CD 



S m g S^ 

e«S o -^ 
S cS r „^ r 

5-2 a 8 ». 

,c a>.2^- 

cd 5P-S 2^6 

a oj c33S c 
StiS«o- 

® * 2 >=S 

CJ >hX! P O 



5)-^ > 
cd a *3 

CD 

co cd£< 
^ cj 5 *- 

» ca cd 

*«£ 

CD,fl *= 

■5mo 
S ci 

53 

r" ID 

t" 1 -rj to 

I CD JO 
CD 



PQ 



^3 CD O & MH CD^ 



2 lo id 

■PJjOl^ 

■ ' - 1 a ■ 

CD 



CS+3' 



S 3 S 
m CS^ S 

«^ Q "ca 

CD o CD CD 



o'S 

? bo 

si 



■P CD ,„ CO CD O 

ho-o « o u C 



•t^ CO CD 



e 5P cd 






^3'S2 22 

cd co S .a a i— i 

-O „ ft 
3t3 <t> o 

^-10-0+^ 



OJO 
— i CD Sh CJ 

CD P- CS^ 

>« j) So>5 o 

fl en !>h ra o 






O I" 
O CD 

" rt CCJ 

.3 M 

ca cd 

43 43 



0,-fl " O 
O CD CD > 

.2 cd-o to 

In ft-^ 

cd 3 co 

* CS m 

T3 a 
2 co 2 cs 

CD CD 

ȣ!* 



CCJ43 






I o o 

I ft,CD 



CD . 



'_cDt3 

43 O J 
& £ S 



i cp'3'O A O cd 
g bo CD 0.5-^43 
O ^'S'C bo+j ** 
o -a 3 cd cu a ■ 

CD go ft^JJ-W 

§ g.0 ca 2t3 g-" 

,-h ft - CD ^-3 o ft 

Sit >> 3 a cu 

J3^26jB g giS 

cd ca 3^3 ™ ca 
> «, o ca co cu hr 

£ 2-8 S wftg 

M 'fi o >-£ ft <s.g 
« sl g S « gSo 

*x« >/"Eh 743 

<h « S3 CD . £ H 

M 3 5 O M^ cd S 

■S cu rs ■- ■£ boji •« 

"3c? - ca g o £ 

O 5 t< - 1 C +J '3 3 sS 

+j ft o.s co c -3ys 



£ ca 



CD 3 



ca 3 



^^o<g^f g,og. 



ill^f^Sl 

+j &> a ca 

1 4^-3 CD ca2 M 
• -S.S e - |J 43' CD 



OT3 

"C 8 

ft3 

8 s 



in 

2U g 



s'SSfc.g 



^ CD_CD 

bca 



T3 cj 



„H3 o 

O CO o^ $?<** 

ti ^ O g_g CD -3 

oococa-g ft. MaJ 

S.4V "3 3o Ocxj-O fto 

»4ii^scD°7:^os 

o ^i, O H O+j- cE 4C 



3 cd 

3 *3 o 

O x 

TJTJ CD 

g 043 

K* 2 

O -u 3 

33 CO 

ca g t4_ 



cs g s- o 

^5-4^' 

3 2 b" 
-3 g-S co' 
cd g co,i<j 

-3 « 3 a 
- ca 

-y co 43 

>>cs a 
ca-3 42 

M CD -g CD 



43 C343 
O c3 

bo" 5 



oj » 

B" rt 
o g-3 

bo S.y 
-2 g/3 
3. a ^ 



O s- 

Bo 



O >- 
8^ 

o» 



ocjSla 

bo P i-i X 



H.a 



cd 



3 

.2 o >>' 

3 



3^ 



42 ^3543 -343-3 O 

SUC5., S^l^fcO Oh 



! 3 O -h c -7; cj cd out,., -ri -W 

'Is^Sa^x.gfe^o 

42 43 CD C .SP ft CO - 



l-i i CO A O 

3 g43 Boa 



[3 3 

'+3 _2 '■£ co 
co "^ a-O 
3 >h So 

— O ft 43 

^ m 43 « 
O ■> O 
43 P co 



CD'S O 

a. j3 
" fc ■** 
o 

3 o- 
03 43 ® 

s 25 

CD E CJ 

2- 3 

3" '- 1 

cd a 
■g a o 



-u - -m a 
s^.^ o 
o ® «S o J3 
o -^ ca o 

S-3 bo2)42 

0. 2 g 3 ^ 

do a a" 

* J *T3 

c" 1 co bo " 3 

■ H ««a 

fta 



■u ' -y o co-3-3*c 
3^3 >H+a 2 CD 3 

« 8° °i^ ^d 3 
cj ft,3 n - c -gr3 

cbJJS 043 gla a 
o,t- te -^ -^ a 3 a 
Oj_ a CD nffg 
^^^^^£ ° 
rag Cn3 



Og- 



bo 



s m 



bo 



2 iU 5P43 8 ft^ 2 



cd' 



'So 



CO O 



CD 



So £ CD 3 



O 

3 -£ "'■Scot „ 

^ a 3 3 _tfi 43 co 

™ 3 «43 3 :3 co 

^ --§ « « « a o « 

3-3 43 3fi "3 V. 



«3 g „,- ^543 a 
>i r; CO CD43 OT3 

- 3 co fl 



ca43 c 

a *-> - 
42 -2 "3 

" W »-9343£i_B 2fl^, 

Ort-4 MOUI0?Sl«BjU 



bpco-B 



Q cs 



M-2 






CD 


CO 


E 

F, 


> 







U 


en 




01 




M 





3 co 

.2 c 

_hpE-i 



c ® * 
3.3 



5 to 
2 « 

h C b 



ca eg ij- coo 

j- 3 ®£ 4>C3i 



OCOl.3 3<2 

Of a) SS-S » 

'.-S 8.1 S S 

5 ° o J8 «°o 

'-K "3 XQ+ 3 3 cjs 
u oi ® w£ ft 1-1 



'41 



-J3CO-S 



3 CD© 

•S 3&i^ 
5 M 3 
,£3 



ffi lJ bp 3 T3 S 
-g ca g «g a>j3 

S ti s ® 

r* 4) 3 JK "* H U 

Js«M 

"3 T3 jj 3 ca -3 
ft 0) o 2 3 
'3 g «3 <° 3 
'-3 * g'-g'e 



en -C 
B '" 

~ 52 

« 2 

O 03 C 

a a> ^ 
cfl d o 

id 3^ 

03 -^ b 



13 § 

.Is 

-3 >"> 
4) 5 



_£jCJ} 



f^lf^ 



4 -tJ U V 



g a J) (< 
C n S "8J2 

43 t*S o 3 f=i 



2 s 

£ "3 
.3 "3 s 

3 a> o 

° *■< „* 

ts o » 

.3,3 

fl 3(« 

ca ca o 



■IN 

3 3 g 



K"« g So ft a> 



°2 >> 

^S* 3 3 

a 

fl t hn 






a 0- 

.2 o 



0) 



r3 Co a; O 

CO > r-H (-1 

lies- 

a ^« s 

C <D S SCO 

tj a; 0) u oa 
CB.3 ° y 

W X^3 2 fe 
cg-^ ft-y £ 

•a &* c 

0> C8 °3-S^ 

^3 -"B "3 
ft« 



"B 0)CQ 

3 J ^ 



c K 3 S 

o ft a-Q 



^ 3 

ca ca 



(3) u M 3 -2 
Og-Sol^ 

2 fl ^3 £ 

■s as IIS 



S-^,2 
1-1 sen 

a) ^h .3 



OJ 



se-S 3 

B, co 
C _QC co 

ca co ' rt 

-d 4) ^ 

0)9)3 



ca ^q 



ca 



2h . s 3-3-2 

■" ^ ca 3 -'-" 

cu * ftO § o fe 
' T3 Sh? 3-2 

0) belt ftg 



J 15 Ma 

fttotj.g £ 



5C 3 ' 

T3 ca- 



'Ma 

h.2 RJS 



l^laHl 



>< P'g CO 

3 ^ 
C 
..CO o 
2®9-,fl 



■3 o) b 

cs . ft 



COjj^ 
0> h-n 



ca 

W2 co 



2o«» 

+3 -M CJ ft 



£r 



S 0) o) 



H§-§^8 

_ ft.a co 

3 -3 0) 

o) o o) ° 



ca C 3 

3 ca ca 



.rt f-H CO 

< «> g H M 



O 3 0) 



T3 3 



3.2 



IP 

(U CO 



3^-3 

cS.-a g 

l- P" 3 



■^ O mj, « i i. 

3-^ CD ffl.fi 3 OJ 

g 0)**.^ ft^ 

C-S c3 tort . 3 

ag o ^ oc2 c 
o° fl-g ? a-S 

O^h 3 ffl^ 

co cu'B'S 2 2-3 

o os -3 a ca g « ?, « 

3 2 o o^ go ^ ca co 

.sSga"S.§«g -^0)3 
I.S3 

^3° 

ft -^5^ 



«?, *^ ® S a 
■S§.3>«5g:SE 

g'SSSxgJ 

g^° H 5fl <u 

$ £ g h^-Sc 



e^ Si ca^ s ° 

«« 3 3 g <B O 

O -M ^5— i "3 ft 




cu 53 
.> Sd-s °.-3 



rn ^ 0) « 2 5^-3 
g-H-B ca 

H C C 



O o-g S) 
^3 ft ?-3 







&-o 




-i 




-M ft 








pw 




X 




5,2 




Q ►, 




b 




§3 








4) O 




0) 4) 


c 





e a 


V 



CO 



faq i 



> 



<?> 3 



(U^ 



«S> 3 



S3 IS *£ * 

sialic 

ni .3 > ^ i-H 






<2> 3 

«;3 

bq S3 



ft) . 

2i »— I 



s2> 3 

353 



StS-S P 3 S J3 
© ■" ■* J3 T 2 o 

S2 2 -3'«> 3 
I. .-3 3 a a>3 
* rH^S -^ © -g i3 

i-3 is a, a) 3 ft 



Hog 
J3.+ 5 £ 

3^3 

3*3 -J 

3 H 
.5 3 « 
TS 03 O 



- fi © 

2.2$ 

2-2 5 
'© 3 „, 

(DO*™ 

"i U S id 






<£> cs! 
35 3 
K) 3 



ft 5 



3 £ 



3,3 . 

h 3 © 



' in O 

5 £ 



"oS 



S53 



3 S >>© 
■=*•$ <s ^ 

©Soj. 
© 2 j 

„ cfe 3 

O Ot« o 

**-j3 o £ 

Mftj 

.S 8 ej3 

» ° 5.T3 

■3 5 ©JK 

a ej.h^ 

ftg-gS 
to p S 

8>& * co -3 
,3 <o "3,2 

en -Q 3 Oh 



bq 3 



c'S c d g >> A 

S ©. S o P — o 



o 5.2= 8 

cS S-_ 03 "> o fe 

2 o o3 b o 3 2 

ft - .a & ^5 § 

3 



5.2- 



1? 2 S ^ 

© «' H O 



3 sm 
bO 0) 3 O 

' Ld I"* +J C3 



9DV « O -"-> 

g^Jbp.2 3 



bo 1 * 

5 © 



B * 211*31 



CO 



H 2 

3-3 

Ch Cf 
O 01 



... 3 3 

. 2.5 a * &- 2 
ijg-iS S?3 

"£!•!! 3.s 

3 q< g o> S^3?3 

0) jr; o (h 
3 3 ® m-3^! 

'.2 2.2 s -o-S^ 

o *■ c8 boo 0> 
3 » i; C jiTS 



o« 



CO a) O .3 ffi '" 

3 3 O. 3 CDT3 3 
3 J3 fe 3 J2 3 P 



03 >> 

a h 

3 ™ 
3 +J 
03 2 



O 

CO 

3 >> 

-M 

£>3 
-3 3 
oSVfl 

8-s 

>^ 3 

ill 
|^-a 

3 Sg 

o > 53 

ft 01 *J 



F^ ?S fll W 



o 
3 O s ! - 

U h C3C 

* 58 £^ 

^_, O 3 Q, 

fclO O 3 
8.5 "-A 5 

Spfe ftfc 

3 ft fe<2 
.-3 o to 

Co-" -s a . 

.2 3 S3 co 

3.- o co o 

" "K. 3 tj 

3 r 1 +3 

9) fe 2-3 5 

^ R-S C8.2 

o -Q o bO 



^boO >h 3 oj cB 

3.5^3 ^5 g.-s 

SccfeS « 2 S 
co ^-J ^ — ^ cd cu " 

3_ 3 0,5 

(h 2 3 S"^ co 
C_0-i3 aj.3 co C 

s fe as2|s 

. J O us co u 



M M O 

© ^ „ 5 ST) 

u to 3 0>,£3 C3-— 

-^•R b o >-. b 

b3 ^ « p x 2 
w 2 3 2 x*: >> 

B3 cfl 3 CD 3^ 



.3 O 

5 *- 1 .3 
OtS 
S C 

.2<« 3 

"3 * a 
|.a org 

si- 



"3 

CO 

O 
ft 

o 

£ 

CO 

*C 
CS 

£ 

■3 

JS 


1 

G 
cu 

CO 

CD 
U 

ft 

G 

'3 

cu 
pc5 


Generally, the same as the President's 
proposal. Net operating losses incurred in 
taxable years ending after December 31, 
1980 and before January 1, 1986 would be 
eligible to be carried forward 8 years. 


6s 
J2 

g 

cu 

CO 

cu 
hi 

ft 

G 

'3 
cu 
K 


cu 

CO 

3 
O 
SG 


G 

_o 

CO 

"> 

hi 
ft 



CO 

CO 



ft 


hi 

ft 

CO 

G 
cu 

'co 
cu 
hi 

ft, 

CO 

ca 

CU 

£ 

cO 
CO 


Individuals may elect to deduct losses on 
deposits or accounts in certain types of fi- 
nancial institutions as a casualty loss at 
the time the loss can be reasonably esti- 
mated. The election applies only where the 
loss arises as a result of the bankruptcy or 
insolvency of the financial institution. 

Effective date. — Losses in taxable years 
after December 31, 1982. 


"3 

c© 
O 
ft 
O 
u 

a, 

j* 

c 
o> 

12 

'to 
01 
J. 


Repeals tax exemption for credit unions 
having assets of $5 million or more. 

Taxable credit unions would be subject to 
the same general tax rules as would apply 
to thrift institutions (e.g., savings and loan 
associations and mutual savings banks). 

Effective date.— Taxable years beginning 
on or after January 1, 1986. 


The special carryback and carryforward 
rules applicable to commercial banks and 
thrift institutions would be repealed. Com- 
mercial banks and thrift institutions would 
carryback and carryforward net operating 
losses under the general rule applicable to 
other taxpayers (3-year carryback; 15-year 
carryforward). 

Effective date.— Change applies to net 
operating losses incurred in taxable years 
beginning on or after January 1, 1986. Net 
operating losses incurred in earlier years 
would continue to be subject to the rules of 
present law. 


G 
O 
'co 

'> 
O 

h 

ft 
O 


5: 

cO 
J 

C 
01 

CO 
0> 
hi 
Oh 


ca 

U 

cu 

T3 
CU 

£ 


a 

£ 
cu 

cu 

cu 
hi 
CO 

CO 

G 


!i 

^ 2 

cu G 

8 

_G 


Commercial banks and thrift institutions 
may carry net operating losses back to the 
preceding ten taxable years and forward to 
the succeeding five taxable years. This con- 
trasts with the general rule for other tax- 
payers allowing a net operating loss to be 
carried back to the preceding three taxable 
years and forward to the succeeding 15 
taxable years. 


A loss realized by a taxpayer with re- 
spect to a deposit or account in a financial 
institution is deductible in the year in 
which it is determined that there is no 
prospect of recovery, in the same manner 
as any other type of bad debt loss. Unless 
the deposit was created in connection with 
a trade or business of the taxpayer, the 
loss is treated as a short-term capital loss, 
the deduction of which is limited under the 
Code. 


£ 

0) 


CO 

C 
O 

'£ 

"3 
o> 
id 
O 

_ Q 


E. Special Rules for Net Operating 
Loss Carryovers of Depository In- 
stitutions 


F. Treatment of Losses on Deposits 
in Insolvent Financial Institu- 
tions 



8 « s &* 

£ a o fa o 

ft !> 3 3 



cd 3 -u cd x 



£ s 



Sr? 



i«3 a fl 

c o 3^3 3 

S"43 b 3 o 

to c3 S >* fe ih 
cd .2 ft cd ^ a 

iiS « g » 9 
ftg»5fl-§ 
c«;3 <S W>-g 3 

** cdx cd M 'S 

is* Ms 

O cd o > 3 » 

,3 3.- sh cd 
t3.3 55 -« to 



a jh 

0) CD 
bo-3 



ft 



Ml 

CD ,3 



S- - 'a 
2 
B o-B 

S S'S 
° 2 

.So S 

cuffi 9 
ol fo £ 

Ctf CO +j 

j^ft 



a o ai hrt 
o ^H to hH 



S 1I 8 



"Ox! 



"3 3 

S a 

co o 
.-X 



5 S 



3 CD 

5 s 



o o 
,H O 



3 x 

fts 

CO 



■a s 



a 

3 £> 

3 



o 



a 3 ^ i 3 



a> 



3 -a 



oi > a 3 -73 

^S^=^.§ cd' 
12 Be co — to 

•S gfl SS.A 



O -j. 

( •« ft 

Jx>8 



O 03 g r3 



•w = e ™ a 

> o eg a 1 ^-" 



CD 



CO ■ 



cu 



Jg_ sh co ° 

g"£ 3 co C.« 

8 S.-s g ox 7 

■S a &.g g S 

.&— MS -a. 

to 3-- <P cd-O 

3 ? u ? 

O £ cO s- £ 



X CD 
$, E 



- tc -S, C 32 CD CO ft*- 1 
a-3_, 3 -3x3 

Ou - 3 ° P & S 

CO id 3 C 3 .. o 

2 bo .2 ftc S 

-S g CO bc-3 cu 3— ' 

ft-° fljS m 8 <y 

■^ ftd SS-S-a 3 
., . -3; ca -m ^ co 

rt _ m^ 1 ft S 

2 SS cd-S « ^^ 

_ U h C Ou* 1 1) 

od ar 3 55 ft o in a 

ftco cowco+i ra ca 



is: 

&oS3 



CD 



CO 



3 a -a 



■ ,. ^ 3 

ftC 2.2 

g to +i w 

ftCD CO 2 

ft cB'B 
co -^ 

«2^.a« 

ftii ■ 

■Sib-- ' 

> co >»B ... 

soo.a 



ft .. 

O CD 
ft S 

s»8 

3 C 



co ft 
CD O 



c cd =2 aj 
a o a 



B>i 
5 "to a 

ft to 3 



co g 

.2 c« n C-a 
-3^SOO 

i.8gS8 



m ^7 

2 £ 



cC- 



9 S. P?S ft <s-H 



ft 
0-0 >-> 
m a 3 
a « S 

.3 ft 
oS o 



u 3 ca o us 



3 ^^ co C 

O 0)33 a 

S a S 8^ 

o bo Ml o 



a co a 

O , CD 
CO *H C 

u cd a 

ft|g 

a. ? > 

a 



j+J .3 co o 



S-J3 S - -G ca 
0.2 a^s 



■ 3 co • 

g a 

,o.2 a 

3 S 
o?—j"55 

a.o 



S S « 

+3 co "3 

o co ca 

ccj 3 OB 

to ft 



C3T3 


a 


h 


C 






CO 









01 


>,>H 


III 





01 


a 


3 


>> 3 


CD 


3 


s- 


S-. 


ft 





S £-3 






6 a 



•S^ a > a ca 



c^ a'cD^L 
2 w- 3 fe a^ 

co ace*-, 3 



CD T3 


3 


■ , 




> 


CI) 




m 






X 




>> 














3 




m 


^ 




DO 


X 


-0 
a 




h-* 


CD 


CO 




«y 






CO 








3 


3 




a 


* J 


OB CD 













m 


CO 


ft s 

ft 3 


CO 
CO 
CD 

a 


3 
O 

CO 


a 


3 


■3 


■g ft 




O 








CD 


a 


a 


> 


CO 


3 




bo 








UJ 








3 


CD 




CO 


a 
3 

6 








CD 3 t *- ( 
CO 







CD 


CD 


CD 





CD 

a 


6 s a 


a 



E»3g I 

^ ° ° £ a 

a §.-££ ® 

<d 5^ a £ 

cd . 9^2 ri 2 

a fto ° 
a M - a co u m 

l§2|^ • 
Q S arc 2 

«.2 °'3-S ;3 9. 



to a 

^a 

+j CD 

3^5 



?o2oj.5o 
+3 3 3 

S a o to co g-g 



CO ■ 



ft^.2 



ftft« is § a 8 

^^3 a- 



•a "2 
ajta o ft 



S^-a -a-w 
ft S£ ® ^ 

^•, ft?3 J2 O 
-a co" 'S b 3 a S 

-^^•s a32ftSa5 

■3— art a-*: 



_>..2 



>>ft-B 

3 «^^ CD 



3«o'> 



£S S-as'S"? > 
cd "3 >>- S^r? 2 

aS;3 ;L.2 S « • *" 

o fr-sS-fi s q b 



2^3 



Isll^-aSftl 



-a co co 
S:3 ® 
So 

.5 ftb 

gag 

CD 3 
I 3^ 

a Si S 

••a g.«b 

? fflo 

h+>to 

° 3g 

X ; 

3 .U ^ 
+» CO CD 

a^a 

cd -3 a 

H "a« 

^ g-i-H 

3 3^ 

w B CD 

o a 



+J B 3 -H 'IH 

3 CD 3 

^^ ij i- CD 

a C V as'* 3 

-a ° B-S'S 

_ cd cd a £. 

^^Scio 
to _, S-( -•-» 

4) H-OC 
■P O CB j " 

.g'-s.-a * s 

CO 3 B >> O 
."3.3X1 o 

« £33 5 
o, bo o 2 03 

5£^ s a 

^ 5oj3 xj bp 

jS co ^co^" g 
3 a o^ 1 " o 

O O +J hJ O O 



a cb a a x x ffl. S. 
gS 9 © 3 sS-3 
.2 9 j§ — ^ -V 3 ® . 

« - B b0o m ° 

g 3+3 o g § g 

xl >-< g .S2-S ."S *• 
cd cd , a 

o cd co 3^3, 

x£>+>£ ™ ° a 

-2-2 2 g^ cd- 

.11 o> o^x>|s 
£ $ S />'a ^,2 

OO box co 3 53 
=1 cd S^U -53 H 

>^j °^a ^.cd 53 

8 « n « 2 i "2 
3 °. 2 2^53 a S 

coa-llss.s 



CO CD 
Sh — 



X 03 






CD .t 



=5 u 

£ a 

U is 

X - 

ca 



S-S? 



bo & 

o 

Ih . 
O rH 
fa 






73 

09 

o 
ft 

o 
u 
Cu 

05 

"s 
ca 

E 

Sri 

'3 


(c) Retain present law. 

(d) Retain present law. 

Effective date. — Taxable years beginning 
after 1986. 


(a) Create a separate foreign tax credit 
limitation for all foreign interest (other 
than related party interest) earned by a 
financial institution that is subject to a 
foreign withholding tax of 5 percent or 
more. 

(b) Codify the regulation to treat direct 
or indirect subsidies, including a subsidy to 
a party to a related transaction, as a re- 
duction of creditable taxes. 

Effective date.— In general, the provi- 
sions would apply to foreign taxes paid or 
accrued in taxable years beginning after 
1986. The credit limitation for gross basis 
taxes on interest would not apply until 
1990 in the case of foreign taxes imposed 
on interest paid on pre-November 17, 1985 
loans to borrowers in 15 less developed 
countries. 


£ . 

X 

3 
O 


(c) Retain present law. 

(d) Retain present law. 

Effective date. — Taxable years beginning 
after 1985. 


(a) As an alternative to the President's 
per country limitation proposal, a foreign 
tax credit is allowed for gross-basis taxes 
on interest paid to a bank, insurance com- 
pany or other financial institution only to 
the extent of the U.S. tax on the associated 
interest income. 

(b) Codify the Treasury regulation that 
denies a foreign tax credit for taxes used 
as a subsidy to the taxpayer or certain re- 
lated persons. 

Effective date.— In general, the provi- 
sions would apply to foreign taxes paid or 
accrued in taxable years beginning after 
1985. The credit limitation for gross basis 
taxes on interest would not apply until 
1989 in the case of foreign taxes imposed 
on interest paid on pre-November 17, 1985 
loans to borrowers in 15 less developed 
countries. 


73 

oa 

O 
ft 
O 

£ 

S 
V 

!2 

'o3 

1- 


(c) If the per country limitation is adopt- 
ed, extend the foreign tax credit carryover 
period from five to 10 years. 

(d) If the per country limitation is adopt- 
ed, permit taxpayers to make the election 
to deduct or to credit foreign taxes on a 
country-by-country basis. 

Effective date. — Generally, taxable years 
beginning after 1985. The 10-year carry- 
over period would apply only to excess 
credits generated after January 1, 1986. 


3 

_o 
'to 

"> 
o 
u 
ft 
o 


ca 
J 

s 

01 
in 

s. 

0. 


(c) Foreign taxes in excess of the foreign 
tax credit limitation may be carried back 
two years and then carried forward five 
years. 

(d) The foreign tax credit is elective. Tax- 
payers may deduct foreign income taxes if 
they prefer. However, a taxpayer that 
elects to credit any foreign income taxes 
paid in a particular year may not deduct 
other foreign income taxes paid that year. 


(a) The foreign tax credit is available 
for income, war profits, and excess profits 
taxes paid to a foreign country or a U.S. 
possession. In certain cases, a tax other 
than an income tax is creditable if it serves 
as a substitute for an income tax. Under the 
overall limitation, U.S. lenders can use for- 
eign tax credits for high gross withholding 
taxes on a loan — the economic burden of 
which may be borne primarily by the bor- 
rower — to reduce the lenders U.S. tax liabil- 
ity on other loan proceeds and other income. 

(b) Under Treasury regulations, a tax is 
not creditable if it is used directly or 
indirectly as a subsidy to the taxpayer or 
certain related persons. 


£ 

01 


A. Foreign Tax Credit (Cont.) 

1. Foreign tax credit limitation 
(Cont.) 

c. Foreign tax credit car- 
ryovers and carrybacks 

d. Election to credit or 
deduct foreign tax 


a 

O 

3 
V 

C 

09 
V 

ca 

** ca 

'•5 % 

2 £ 
o ° 



£ Coo 

O m L 



CO a) 

p 8 



o o M 
03 "*"* C 
-C-m's 

i 0.5 
I ft& 
si g 8 

o^ a 

sis 
« m * 



pa . 



tn £ ft 

hi o sj 



^ Vi 

0) tn ca 

S3 8 «> 
-< tn.H 

ca > 

Sb ucl, 

la'S.S 
£ c 

-§^ 

**g 

'ni 3 >> 



a; th 

0T3 

ja 0) 
3 s • 

o aw 

g Coo 

Sfi bo""" 1 

J) 0) L 
Ml 03 m 

ca _2<3 



ca 



uobt 
i oj.S 

|£-8 

H:Sca 

u m 

, M 

03 



8f- 



■s fl.H So » 
ft 3 -S o 

-g 8 g « g£ 

135 - gp £«_, 



0J3 _ 

£ tec 

- o 

c3 






5^ „ 
2 — 3 Q 



r 4 — i-S s cs H 
"8 £ S -° S 

S t; Saif H 

gS~.3B.S 

u"gi 9-xi . 

2 ^ ° rn "S 

^ca £ o 02 £ 
tu-C'oScG £ o 



ft ca o 

ca 



a; 



ca 

°3 s ; -- 

at " 

O bD 

ca-S 5, 



B £T3 

a o fi . 

+J a> r^ ca 

3~ o ou 



3 P 



0) * 01 -Q 

ftfc. " 



t,£ s-S 3 « 

SCO tn ** _, 
-3 u tn_,-e-C <n 

rj 0) . cu jh > 3 
O+Si- 1 o>.Sft4H o 

tn 1- ' J3 O o «i Jm 
tn . -w o tS a) + 1 
O 0) _ S3 s-^-i 

CO O^-g §-Sj3 

p c o.S^ <u ca 

c3 p. ca T3 _ o 



d S 3 ca ca 
'3 <-! .22 -2 S 

.-a *£ * g 
£S >-'3j3 

— ' c3t3 g gj 

^ j5 ►— i ca 

l— ' 01 T3 



^-H ^> 



ca.o^ 

.,, 3 

03 t|H O 



V D. 1 *-"^ 
X 



°.s 







a) 3, 



ca r 
c-2 g £ 

o S »- 2 o 
■ s £; cu 43 o 

^ o * £ ca o — 

■T? 3 -^ D< ft CX <u 

8 a o> a t-^2 



3 | o3 i V 
O ^^ 3 O 

^ ca w u 
so j_— i ca 

"* ft 3 .0 

?3 ft cap « 
.2t»3 ceo I 

+J -S 03 O ■ 3 



m mfl OJ 01 

a -y o> si h 

ca 03 ^^3 3 
03-3 3 -u 

>i -S >H ft 

., ft o) ca 
™ o £ 

%s| 

^0)73 8 
^tX 3.S P 

a3 . t? ®'S 

Soo M^^O 

OS S „ 
<a ^^"-3 ca 

«3 V ri UTj 

■S^§>=2 

•-K C «<- g o 
u'3 3 at2J 

«t- C ca — dj ai 
^ 03 > g Jh 3 



■W 10 Qfc O 
•^ tn rl l - 1 -w 



(^ 3 



■fi-£*8 c 



3 o"5 £ »h B 

§ &D3c2 S 

O bD-^TS a) 

J-» 03- ^ ca tn 




03 03 0> U 
&%■£&£ O 
g,« O -3 "^ 

ca "*«52 
3 - s s 1 2 i 

0-3 S bg 
* o Sfta) 

ca - 3 3- rt _S o 

3 a £ c rj 
3 .5 .-a ca o.S 



O 03 

T3 o 
U 



P- 



i caxs 
i 3 ca 
1 be * 

v- ca 

03« 
. tn 03 



^T3 r- 2 "3 a . 
01 03 "J3 g t. .C T3 

Sg "5 o 0,3 - 1 .03 

m£ m g.5fsu 

3 a) 03 tn >, £ « 

* a s ag " 

c3« o tn 0) 



X 



o s 

03 i, 

3. i- 

o ca a 

3 ca 

-g t»0 

£ 03^ 

03 "3 

-^.2 § 
03^^ ■« 

03 hV> 

O) X 

-2.S-2 

CO -3 CO 

PcP 



u 
O§0 

<■» 

318 

J3 



s» .s 
D. bD 



I fl 8 

co el •* 

CD |H S_ 

j- ca ca 

P., D Qj 



13 UJ '<-* 
CO m > 

MX O 

5 6 



IS . 
to >->>5 

3 3 s 

CD -tJ "^j 

S *- j- 
§,2 g 

I CD -y 

1 .fc S 

■w CJ CD 



aj 



CD ' 



^ -4-> 41 

'Si. - * 

£s-"ca ofi 
«4 co fl 

& c 



uQ to 



C3 d 

_bB-g_bp 

'53 o'cd' 

S-l > i- 

a 

54-1 O CD 



3, 



$2 

3 



-fl fe 



fl ca 






S 5b 

C ' 



g-SPg 

,2 a> u ; 
tt M <u I 

^ t*.j3 



CD S-4 

. " s- 1 ^ 
ra -+j 3 CO 
CDy- CJT3 



.13 £ 



a .22 5 e a 

—i to - 

co eS fl oj R 



*5§ 



ftrt 



b C 



CCS CD 

CO £ 

M cs 
C 



bo 

fe a -5 

i— ' CO +4t 

+j O.CS 

4i nn 

co 3 « . 
_Q ram 

3 giiS 

co 43 •-* 

t * ) 4l'S 



-a uj c 



2 S g ^ e g 

. OT3-Ih Cl 4) rH 

i3 o cdt3 ca n, .fl 






bocDis o~5.' 

■"^Ut.111 



to"3 

§tJli 



u ;_ co 

« co ca _£ cd 
0313 ? H 

o>3-^ a> - 

ca .. co ^ T3 
I SSC O CD 

1 -3 ifc'S 

rj 3-B ca-rj 
-"rv,-S ft.5 

5«i5 CO +^ 

c3 -i^> Q---i-> 



§ 



11" 

ta^ 
;casS 

» 3 S 

CD ™ ^J 
*« 

13 JS 

§ > I 

> c m 
>•£ CD 

C52 a 

3 0) m 

ca &a 



(30 fl CD CD fl .i C Ai3 i 



ca CD 1313 



8 > « >> ° fe g 



£^&ca|t^oi> 

S3 6^52^ b g-J3 S 
c^.2^5 

5P co "S s- be' 

"S s 2 ° 



^l<^i 



■g « o 

o,rs to 

s s d 

Oi3 o 



rn o S-.co'^ co g a El, 
ff B .H . . , ca -£ x> E m 



c.S C c 
■ h c 2^5^ eg 

^ca^lg^- 



P. bca b 



jB-a-^ais^g' 



a 
.2 in 



gScag^-g^ 



fl x m 

fl^3 u 

~ Clblg^?- 
Oi3 be CD ^"X3 

«S|| eg 

O CD bO ° 
*-"T3- ' 



!- ■" 



CD^t 



!C CD Ih 

|2g52 

fe-O OtS^'S £ ca ca S^^3 
fe-C'^ h ca bf 



g^^ 



CO CD 

^ S » H^.o c ^ ffl^5 ca 



D4I0 +3 ca sH a-^j cB o 5i5 . 



'to o^ii3-M a 



£?i 3 
53 « s 

> as 

U KB » 

aj on a) 
SB'S cq § 

• op S 
.g «J.9§. 

*" >> s-s 

cd-o g;g 

3-3 g g 
> P/oS o 

O d 3 ^ 
h h S M 

ft ca-" ca 

M 6P.5P 
*8*2 
« c^^ 
^.'^ SP>- 

-3. "3 3 o 

B cd o^ 

JJ-P h ^J 

^ S S 8 

O O 
CJ CO -3- 



•J3 cd i— I Oh 



CD -3 3-3 

2 gco-53 
&»-*;»-, 

-^ an- J t o 

3 5 

-° o * fa 

J2— ' M-M 



0-, fl g 
^ O O 

ca o £ 



ceoo 
Si CTJ 

H- 1 



a Si 



-3 cb i 3 * rt "5 

S^«i X bo 

o 3 ? n <" jg-f, g 
£ ^ <L><0 OT s.S'S 

a |g .Bg-gl 
|315|||| 

3 03 Si C O^ -1 

'(0 0) ti^'tt'S y >> 

p-a or ° s.S-e 

d, s- »3 ca »■" o <u 

mC3—:y-*-i-i3si 

05 $.00,2 o ^-^ 

™ 3 ft m O >> 

cd -a cd cd _ o P -o 
2 ca xi -h ^3 ca ft_< 

H WiOJ- < co"3 

g^^dxftpP 



o a> P-S 8 



£„£ K.-3.-- 

-h-3 3 353sC (J 2 



^ft« 

aS-s^ 

CD-" 3 

i ^-S 

'. OJ'W 

B g*® 

■a s- cs 

ft en 
O 



d i. h u tJ o) to." O 

c q, ft a .3 c'3i;> 

" X r^ JO & £ 



_hc_M a) 

'S'S 9> 
t. t< p 
,P,P f- 



CO o . 



g^3" 



O 



cu 



•2 S- 
V p'"3. 

r P ft 3 5 3> 
O-e ft-3 g 

3-h j O 



9 >> >» 



§33 

2 o o 

+J o o 






w _P 3 

sfii.3 o 

*-" 3 

PL, g 



» Oi *- - ffl g 3.S ., CXI 

o(U l^l-t^-S^g o ft 

;^+j 3 -3 O cj 3 rt * 



^-o ft a,' , - , 



>^_o g <D ft O 3 



fe) 0) 



IS 5J 3- 



3 -S 5 w M- 



^■9 c 



^ O' 



- 2-S 

?T o 3 
a> o ,_ 



.e 



J3.S 



tj)ft> Ot« 0J.3+J 



S.2 






B » 3 
-S O 3 

ft to 

«l "in 

»+= cci 
"-3 3 to 

Oh o 



' o o S «!-S 






n^^ O.S-5-5JSS 



in en Si o 
s- oj <d -(_. 

ca m — 

x. 
ca ■ 



1-S 

B 5 



3-C 



s *- ca- 

C8H to 



m oaj 



O w -, w !i^ ^ LH 

^|S^ft|;g 
I^SjI&ft 

•S^i° ftCB 



rt si P c ■ 



■B 03 



3^ 



® sn S ^ . 3* " ' ' - 



fi-o p; 



3 o^S 

Sx>«'a"3 3 S 

^^^fj go 



CD £ CD 



3 « 

.213 



Jt~ 3 rt ^j Si 

Kj "a 3 a «2 

a) g 3 cd 
X> ? 3J2 



+3 >i +3 -a 

* T3 -^ -2 

3 3^ ^""C 

si ca si <i> ca 

a> 5-3 ft 

bo ai 3 eo_H 

8 g P," 1 ^ 
m O CD"£ 

ca 2 gJ= a3 

ft c S *• "3 . 

P. M CD c -2? >> 

S° t s1'2a 

Is 3 ° aj si 
BOB ! - t Ol3 

.3-rt oii 1 " P 
g s-£ O c cj 

S 8 fe i»OrS 



^iH« 3 3 
CB4-1 O >< 



O Si* \S X »^> 

'•S W ^ a.-g 

Si O > 

_°5 a)-i ca 

(H^, d-i ro 

^ftS.sl 
3 fc'S'S * 



SJH^bt _5g-5 



S S-fi 

'fi ft?3 

3 a) ft 

^ 2 I • 

fM ^ CO co 

ij' 3 a3£ 

n ^t a) 
«-3 «-« 
3 o 



S'S <«.2.~ 

B 3««S 



3 o o £ « 

^ -LO CD CD 
fiu CD -2 | 



"7 -S x) .3 

I -a g-o 

«u a c g 

^ «CD 

■Sc» Si J2 

^|| 

ca > o 



M 



3 s l-S a 2 

•» fta3 43 S 



=2 c ca 



ft | ft 2 -^ 

a ■ » «a * g 

3 to g gsa y 
o cd si 3 o .,_ca 

CO 03 P o .P 7? 

s byo a ft 

►. ca ca b f ^i 3 ^ 
fftft- S go| 

?* ^ cd w ^ S -m 

« ft ? ™ ft g 
O 0,2 Si o <D u 



ft c3< 



ft+3.3 



E £ 



si ca >, 

V CO -P 

■O 6 

co — D. 

« *5o 
3 B*| 

rV O 41 ft 

*~ o co oi 



|5 

^ o 

-o . 
cj^ 
o 

Si B 
3-3 

S-o 

CD 

-S2-0 

CD Si 

B S 

o„S 

O T3 
3 CD 

co3 
0) Si 

"ca cd 

CQ bp 

^-v c3 
3 co 

ca 
ft 



E > 

c 



° a a o 

t*« C3 03*0) 

"ca tua cd'> 
j3 a a .a 

••-S'S 
co 3 o CD 

gt3<2£ 



p E- 



a cd • 
S'PiS 
* dm 
bo-i-s 
a a S 

CD ° O 

.C3.-0-*- 

ca 



. "41 



CD 



>> 

Si 

3 


ca 

•3 


Si 


to 

CD 


CD 


a 




CO 


rfl 


3 
O 


CO 






01 


Si 






cfl 


H 


+j 


CD 






co 


-a 












0) 






IT- 


-o 


E 




CD 
Si 


D 


CJ 

a 


-a 










0° 


<D 


(HSU 

3-3 




X, 


O 





l § y 

S^ ft 

6 cdS 

OX! O 
•3 c3 +j 

-* B S 

O CD 

3 co -3 

a « a 

Li ffl J 
O CO ft 



CD — >, 

C CO l- 

O 01 

S "O o 



>>.23."tt 

43 13 

His 



is is- 13 o 
=2<2 s^ 

.S J' rt O 

£'kg S 

220 
sis-? 

CO p- _-3 
CD „ 43 c 
"3 3 0-3 
«03 B 
"" '^3 co 
- CO i„ 0) 

2 at?"" 1 



sis* 

fttS g s 

S CO O CO 



_T CD o 
33 C J--W 

43 3 43 D, 

CJ u ^ u 

t-5! >-? Orn sTc? 3 3 -u ' 
cc^«^ g-^Sbbco 

coP a '53 '53 -2,1 



A3 

3 OS' 



2Sb8 
a 0f .° >- 



•IS CD cifi CO . 
Q is C £<£ 

cu .Sb h 
■2'SS?g2 

jj»» S-. CO ■"" o 

^g2j>J 



CO.g 

2? CO 



g I* 



a.a 3 

3 3 CD 
u be co 



CD O CO 
J3 -*J CD 

•nog 

3 -ft 

Cl, ^ co 3 

*2 g g 

01 3-2"* 



boT3 43 aj 

.g^S'" 3 

> o to co 
o I*. . 



.g e~S 

.2 CD'S 

co +3 g 

_2 CO 3 CD 
„co-S .2 g 3 



CD CO CD ' 

6CJ 

3 a Sf O 
CO.g g co 

CO -^ »-^, . 

^B D ' 
3 -B o CD 



5 43,2. 



o 3 £ « 
a o,° ^ 



4h-^ 



CD s~ ' 



l« o 



S "33 co | - J aas « 



a 4>, 



fcH 3 -u 

: 83 1.8 



CD P _ CO "J 

S^'Sco'2 



| - J g CD CO 

is ,o 

fid 1 "!!)' 

^a_, g. 

£nJ CD 3 O 

w(h 0) o 

<*H ->>.rH 



uC o' 
o .6b s» 

3l3<2 « 
§.> cd< 

g-3 3 3 

r/i S4— t 42 3 
CD 

s§ £<" 



S " *H 



CD o 

la's I 

■S '53 be co . 

B « ci is 

^^ g co"2 

a T3 hb 9 oo 
• ~ _CD CD £ S 

o3343 S „ 
-cu O £,43 



03 



iSCfi 



O >, >> CD CD 



3 d h hux 
jj >, -sees 

o^*5 o 0D43 J'S 

O r23 CD CO CD 1 *-,^^ 

Ills II** I 

r© a> ^ S S"ri3 co > 



iiJ^ >,'£ m -S^ § CO 
4J $3a>Q < (I> i- | CD^3 
Scp^cSl^^So 



as 



JS g 



co 3 

3-3 

O CD 



•sre 



S.2 



CO j>> 

53'a,^ 



^^'g-3£ 



CD_3 

al 



^s-; 



0) » fl+J 

3 C O CD 

«3 ^2 Si 

> a; ro -Q _ »^. 



O 



cu 0-35 

b S.& 

•« O 3 

a m 

cu co« 
=J+^ CO 
'■G CI co 

yiJ o 
^T3 -S 



S*-G 

« a 



CD Q 



■CDCO^t^oCO -^?__, 

3 (,-ffi « 3 ag « 

J-- 1 m CD CO 3 CD s- - u 



1 o >> 



cO C 



e & 



£. Si, » 0)3 » 2 



3 S 3 >> 



43 cO 

,43 



"3 3 3 



3"- S 

o ^ -* 
03 



So 3-S a 1 *^*^ « g 



bq a) 



CO (>, 



o^S- 3 g.gcc 3 
-w -.2 



£* el 

0H O 



ococd43cd2>co3cd 

.3 CB45i3.co 3 ai n 5 o. 



ft J"o co43' 



$ 2 o a 



T3 co. 

^^ g'x 



•S6 3 
43 O "=• 



S.2 



S a • 

S a 1 ^ 

lis 



G 3 co 

to CD 4? 
** 3 

Dh o 



S-. CD <D -u 

Sg-g.S 

>^ 3 



3 




en 








c 


CD 








Bl 









a 



S:l 



•iSg 



g CD 
*? CJ 



M 3 

43 



- S3 co 
*3.2 
133! >h Cfl- 
cOH co 



3 lo, 

CDOO 1 

05. 



T3 co &a . 

cu 5S 

a bo a, -3 00 

vSi S-3iS « 
<*~ 3 45 "53 fc- 

to 'So g ^3=2 
CD g 3 CD 
43 ? 343 



3 co cO 

c 2 I 
O 3 > 

S"3* 

CD 3 -P 

a43 & 

<*; co a 
0-30 

co^ cl 

iS s 

3— CD 



1 <"^ 



CD 43 o 
T3_, ^ 
CD CD 5 
g3 S 

CD ^3 



CD to 3 CD 
43 CD o P 

^ « S M, a3 

> 3 CD "^ 

S'S co-^ 3 

^ (0 fl] , 

to a.^ 

3 spS I ° 

3 g o !> CD 
0^3 CD .. O 

T3 o 3 CO^O 
eg h h to 
>•-" 43 *j cd 

*h >. 3 O " 

is S3c 



2343 



a^ 3 



m w it r! 3 
§ ^§"3 3 

„ O -u .-3 2 

all.g 



CD , 1 ^ 

-3 3 CD CD 

|S s g 

.2 CO 

>>*£ CO 
335 ^ cs-e 

CO H C0g 

CD . !h £ 
(5lo5 c 
<B00 t,H O 
OS-3 " 

I CD 

L3>, 

■C <B > tn 

Br+J O 3 
"^3 ^a . 
<a SB 

a bp CDT3S 
^.g43^S 

<MSt3 4? £ 

to"Sig^=2 

CD g 3 CD 
43 P 343 



5'S§s£>> 

CO ^434^ CD » 
«^ C043 43 CD 

» 3^| 3 fl*" 

Prrt J°0) 

3 ^3 c ?3 -^ ^ 



^ g^'g 3°^ 
CD O^ .g_ 



3 co 
3 
O co 

3 J? 



3 O "^tS 

s^as- 

3 5? 3 3 CD . 

r 2 ij S g & a-o 

OS 2 O S-, O CD 
WJ i 3 3 5 Jh CO 

boa.ScS a 3 



-SS 

3 CD 

T3 3 
<B _-, 
ii CD 
3^= 

S 8 

CO 

>>,2 

3 CD 

cd3 

3 >- 

O bB 



ES 

o a 

<£h jU 

S'm 

o e 

u A 



T3 


a 


CD 




> 


3 


Sh 


3 


CD 


O 


-a 


:r. 




Sh 




CD 


F 


a 




3 


CD 



CD 


>^ 


Ti 


h 


3 




ft 




a 


cd 


CD 


+J 


3 


3 


3 


hO 






01 








*s 


-D 


CD 


CD 
CO 

3 


b. 




Sh 









6£ 




3 


0) 




CO 


t/J 




5 


03 
3 
O 
en 




CD 

to 


CO 


3 




P 


CD 
O 


T3 
C 
01 


| 


CD 
ft 




(DO 




Sh 




b 


<X 









-3 


C) 






B 


3 






03 




3 
O 


3 


CO 


ta 


CD 


13 


Si 

o 


a 


fi 


8<» 


3 
u 


a 

03 


D 

o 


CD 
ft 




-M 


o 


CD 


CD 


LO 








Sh 


-3 




3 


CO 


03 


o 

CO 


3 


CD ,2P 



si goo's 
&oP b 



03 



CD d 



CD 



CD 



3-3 3 

■° c 2 ' o 



Ph b 



T3 -»- 3 b 
3 » go 8 

rrt -4J TO H) 5 

o m o n 

03 Sh 3cE 
u be ft CD 



ffi 



CO 



CD S 



ca >h >!; o 



_, Sh 03 Sh j_ O 

be co'S^-gxi .J2P-I 

3 CD 3 — > q<"cb ^j 
'"OCDcD-^ShO 

O 3 -£ -ft M C >h rv 
«m — CD bC o'S r 

.2p ? i32§8S 



« Sh g ."H o <D .•*> 

5< - 1 S-.'O =2 3 > 
■23 o 3 5,9 o<-43 

to CD RO CD O 

CO CD £ V Sh ,CD 

co 5 >>d 5Pbc a) 
g oja <s.g fl m 

Sh .3 -3 O-X) "" !P 

be _ cd r> ft—; cd 2 

C-jgrSfeco-dO" 

g-S-g >>-1.a« 

DnSftSl til 



« 




S 3 BioCO 




g tr 
ign 
ses 
it a 
S.-U 






S » d i-s 


CD 


3c2 ftcS Sh 

a « o 

O^J CD <Dm3 


E 
o 


e al 
. an 
ere 

hat 


3 
3 


-SCO ,3, co-^ 

2p*7J3 


O 


ta 



cd «. m . -w 

X, O O Sh U 

CO CD rH-Q'3 m 

s s re.! a 

»oh° ,i 

3 fi O 3, 03 += 
CD -3 a 3 OD 

« - R-9 2 S 



3 6 



.2 tt E-a/s 

*3 Sh 3 CO 

03 3 3 CD CD 
-J3.3 o o co 



« 



« 



J ea <5 ea 

s p-.3-a?g-3 

>>3 gr2^ 



2 8 3 



_S 3'd .. cd 

>H§ ri ^H Sh 

S^.bIb >,Ǥ 
x — 5 «> ea -° 

3 03 Sh 3 3 

-^ CD CD S fiT3 
. ft o 3 3 CD 

3 CD'S'" 3-2 

ShX CO O O 

& Sh-S O^ & 

^^ 31 »"S 

• S S 3 .^33 
O-B^ CD **. 

sfiLglD g o 3 . 
.a cj.3h3S3'3 



a 



6ii m«< 

£3hQ °.S hJ 



ft; 3' 



-38 



3 CDT3 

Sh H CD 

CO i— 1 

CD CO 
COT3 CD 



H H OJ. 1 

(; cj s«h m 

ft to > tn 

CO CD -4J 3 

3 "3 cd 3 o 

(Tt W K fll ^ 



8 g5i M '> 



Sn to "13 

™CD Sh CD 



O Sh 03 



is 

, 3 -a 

2 « 

CD 3 O 

g-beg 
3 d "g s Sis £ 2-° ■ 

3,SHSHCDSrrt_SH^j 

- 1 3 f 



+J co H 3 

3 



SP.2.P 



3 f§ ® 



E? s S >< w a ■ 

2 to 

TO 



S'g c3 ^-2 

o iSo CO 
cop g co to 

Ijsl a 

-3 b o-a ® 
en .^h ci ca p 

5 CD Sh 

3 CO Sh CD 

^.IJSgfP.cog 



r/i cd CD „. * 
1 +j 'rr 1 .^h ■ 



C co 
3 



3 -^ 
"ea ® cd 3 



to g- 



-"T5 * 

3 *« 

S ft-o 

° co » 

^ S'3 
•2 3 3 
h3 Sh>— , 



co •£"* a <D 

fll Sh 

™ e «S 2 s- 

*J .2 3 CD O 

CO hj CD be CO 



i I 



3 2 « 

S ft o 

3 CO o 

cdO co 

S sh- 



ots s- 

■P o o 

-0-3- 

3 3 CD 
CO t — , — 
3i-> 



CD 3 CJ 3 3 



i+H cSco 



CD 



CD 



3 3 3' 



-b h-a 



.3 5 'ea 

CD S> Sh 
ft— 3 

m +* 3 

» Bin 
•r! to 

Sh O CD 

«33 



5 3 2 
B8| 



3 _ 

Sh .^ " cB W 

hJ 5 S- ™ <D 

_ O CD rr\ M 

O CO >"» 3 

-^ CO CD 1- 1 

CO * fc 3 » 

2 co 2-3^ 

a cd-§ ®4a 

ft w p-3 ca 

ft 3^,3 Sh 

3 3 ' 



3 B 9, 



h| co 0-3 « k 3^.- -g 



CD co « 

m « " 3 
2 T3^Q 
•S CO Sh 

COM2 

- s a 



CD O -3 CD 



CD'S 



CD ft 



K 3 



2 CO 3 g 



3.B- 

^^ Sh CJ 
3 O CO 

Sh _- .3 ^ ~ii >" 

^15^ a 

« 3 SjS.^ o 

•a cd ^"3 B - co 

w 8 s^ 8 a 
s a cd^-^co 

.2-C-3 o-; 



§)?.§)§ 

cd d '« -43 

O 2 O 3. 

S ' 



3 



& 3 S *° 
3 °-3-a 2 

fH CD C O 

W^3 3 7s H 



CD .3 Sh 
3 Sh 3 
►S 3 . 



CD. 



i- B CD u 
h3 co 3.S . 

H B ico 
„ O co 7; • 

u£ft§P 

w 3 h3 o o 
ft co 0+5 



3 3 be 



S25 

O >h q 
O CO 

d CD.O 



"^"3 


+J CO 
CO rj 


<D^^ 


2 3 

a 2 

-2 3 
^3 ft 


3 CD 


CO _Sh 


13 d 

CD 3 


a s 

3 [JO 


.■a 3 


X CD 


d u 


3 Sh 


co£ 




CO 


^3 Sh 


3 „ 


(d)T 
imbe 
oss-b 
come 


d 


fe.S 


e» 




c 








^ 













JS 




-fs 





1 1 



6,"« 



n 

to 

o 
ft 
o 

hi 

Cm 

CO 

"a 
ca 

E 

s- 

'3 

JZ 

u 


Same as House bill. 

Effective date. — Taxable years beginning 
after 1986. 


(a) For foreign payees, follow President's 
proposal as modified by House bill. For 
U.S. payees, retain present law but adopt 
look-through rules to ensure that the U.S. 
source portion of the dividend and interest 
is subject to U.S. tax. 

(b) Same as President's proposal. 

Effective date. — Taxable years beginning 
after 1986. 


5 

cu 
to 

S 
O 

a 


Source other offshore income and income 
earned in space in the recipient's country 
of residence. Treat U.S.-controlled foreign 
corporations as U.S. residents for purposes 
of this rule. 

Effective date.— Taxable years beginning 
after 1985. 


(a) Apply the general source rules to 
dividends paid by 80-20 companies (i.e., 
treat as U.S. source). Treat interest paid by 
80/20 companies as foreign source for with- 
holding purposes, to the extent that the 
company's income is derived from foreign 
sources in the active conduct of a trade or 
business outside of the United States. How- 
ever, treat as U.S. source interest paid to 
related persons by a foreign-controlled 80- 
20. For foreign tax credit purposes, treat 
interest as U.S. source, unless the income 
is connected with an active financing busi- 
ness of an unrelated U.S. payee conducted 
outside the United States. 

(b) Same as President's proposal. 

Effective date.— Same as President's pro- 
posal, with a targeted transitional rule. 


to 
O 
ft 

o 

U 

Pu 

c 

5 
"to 
cu 
i- 
ft. 


a 
_o 
'to 

"> 
o 
u 
ft 
o 


(a) Repeal the exceptions to the general 
source rules for interest and dividends paid 
by 80/20 companies. 

(b) Retain the present law exemptions 
but restructure some of them (including 
that for U.S. bank deposits) as overt ex- 
emptions and treat the interest subject to 
the restructured exemptions as U.S. 
source. 

Effective date. — Generally, taxable years 
beginning after 1985. The modification of 
the source rule for interest paid by 80/20 
companies would apply to interest paid on 
debt obligations incurred after January 1, 
1986. 


ca 

►J 

c 
cu 

CO 
01 

u 


Generally, treated as foreign source 
income. Some taxpayers treat certain 
space-related income as U.S. source 
income. 


(a) Generally sourced in the residence 
country of the payor (in the case of a cor- 
poration, its country of incorporation). 
However, if a U.S. corporation earns more 
than 80 percent of its income from foreign 
sources (such a corporation is known as an 
"80/20 company)", dividends and interest 
paid by the corporation are treated as for- 
eign source income. 

(b) Present law effectively exempts from 
U.S. tax some categories of interest income 
when earned by foreign persons (for exam- 
ple, interest earned on U.S. bank deposits) 
by treating the income as foreign source. 




e 
a 

cu 

g oi 

CJ CO 

.g& 
«.s 

g^ 

«tt ea 

O D 

S l 


0) 

£ 

o 
u 
_c 

CO 

cu 
u 
cu 

C 

"O 

e 
ca 

e 

cu 

'> 
5 



T3 



Si co 
,o bo 

<*- Ci 

6 e'g 

m.2 P 



CO kJ -4-> 

o +j ca o 
s- 3 -u o 

:2_ g «> 

pp 

to !£ -^ a-i 
* 3 2^S 
m o A ™ 

1«- 



bo 



cs 

^ Co 
08 t3 cS >h 

w o c > 

tend jq 



CD 


CD 




-i- 




Cfl 


(X! 


crt 




+J 


-Q 


CD 


o 


M 
u 
o 


o 

C 

fl 


-O 


CO 


U3 








<v 


OX5 



s-a-o 



e >>fl'2 



'£ g 



•rt C 
iJ C8- 1 

03.2 <" 



2 fl 



•8 5 £ 

cd £ 
a boo 

y '8 to s" 

S^cgcS 

^'bo5 & 
¥ d 



J3. O"** CD 

'a sh "^ c 

O CD bo u 

CD CO CO 5 

Sj co g"S 



ij Si U M CD 



CD i cS bo 

a. c cd g T5 

CD ■** CD C S 

co m g a 

0313 S.O? 



o3 aj ,— d 
Seta's egg-.!* a 






5 8 
p. o c8 



cd 



g< O 08 g 
O-Z) B bD 
rt O O ;d 

13 o 1 " 

CD ft.2? C B 

3 g § 53 .S 

CTbC P4 O 
CD ij "^ 

Qi'O CO -l-i 

" CD CD . O 
^-U U CO rt 

CS -O o 



S.SbO^ 3 c 

CD Vh d <*-< *-* 

fl "rt "* cd 

<D ^3 "" .in 

.5 « s > 

+3 . d d ,F ^ 

8 a vd s * 
^^ g I w> 

133 8 °.S 

CD >> _ CD'S 

s S-S-S fl 

g 08 *^ C8 cd 

O 0.2 CD S 
O O -w CD CO 



•fl gX! cS 

g'gos 

O 03 »"£ 

-3 CD - CO 

03 co co 



O £ Si.X. 

-«.* ft « 



fio 



CD TOCO- 
'S A^ 



g co 2 cd - rt 
^ cd abpc 

'S H G CD 

C S-^ C8 
.H c8 o +j 



2 bo 
o g 



cd a 



>> CD 2 
CD'G +i 

> P s 



3 CD fl) 



UJ A, C CU 1-1 1-1 r 

cs fi.S > cScO 
"tt ^ c8 

c !S _ 

sT O - ^ C 

« * s . 

fe2§-g 
eg — .2. 

CD c^ .... S-i 

rl SP <" 
V-; c a 

»• SS » ^ 

z; & ?* cd 

-£^' 

'■S fi 



CO 


in 


•-. 




T) 


c3 


F 




"" 




to 

d 


C3 

-a 


CD 





c 



-u co^ 

2 e~ o- 



^ 



c5g 

O CS ^ 

cs a- 12 
bopS 
d u d 

ie cd £ 



d « 



all 

Jo +> 
co ^^ cS 

d ^3 
■2 g£ 

cs 5 * 
b cdv- 

a^° 

CD S 



«5 

CD "^ 

ft S- 

X 53 

CD,d 
-S * . 

CO Jh CD 

b cn 'S 
CD *^ CS 

d * _ 

_ fi 

CD Oh CS 

§2S 

P M o 

cS"0 >. 
-a—. CS 

CD O ft 

■aal 

So o 

CTo u 



!-o"cs 



CD d CD 



■a ^ o 
c g< 

cS - 
2Bft 

S O *h 

o S o 



ft&S CD 

ft S o ft 



cS -fj . 



CD J, T3 CD 

^ Si cd-O 
cs bo ^-^ 



o 



4)3-5 o 
0) °-S §13 
Iftf-So 

S £ o d » 
5 2 ° o S 



-8-9 °„ 

IS. 133 fi s d 
2h « 3 ft 

Sg§S 2«S CD 

-- 1 ^ •£ c d 

' . CD cS 3 CD 

^ CD o .5P ° ft 
■§*'S3 2 S 

u CS _Q o -u 

^b0^3-C5 S 

fe.9 2 E S- S 

Bq S'.2SiSg ) 



>i 0) J; >i h IS 
CS rJcOXl CD ft^_ 

ft* 3 i,-° 8 X. -5 ^ 
2° £d S § ata S 

-fl bo^S^ 

CD CS 



d ^-S- 3 c 



■2-^ A 



bo j 

T3 O CD 



cs CD co 



o d 



«? >>s ^ 



^- CD CS 
ft-^-fl " 



13 2 fl 

^82 

-2.S 6 



£.S^ 



5b -a^ ^ o^ c 

gf.flP *3-^^ O^O 
^ id fVfcjE-'cj 

CD CO CD - rt .73 
•^+J O CO — r\ ** 
hcSSndftOT-,^-,. 

3 o bo - cd S o^ ^ d 

CO ™ > 

cs^j d a 



CD O 



» rt .. id 



co t3 Sh 



S fl « 
u j s,* o „ 
®.S cS !-, J- O. 



S'd ■" d S cs o 
CD CS _Q d ^ -^ -^ 



d „ cj 



i-SfflSsiS cd"^ 



S "S S cd: 



T3 >h 



3 



CD O) o >>!« JS 



fl S fl fl 



CS O CO S CO CD'S 



„ CD CS 

co .d -3 x) 

fl cS ^ 

_ CD bD CD o 

CDCDCDOOdO-QftCS^co 



S * 



cs b a >h co ft-d 

3 8^25 s-g 

gf^'Sal .^cs 
^ co cs cs d'fl-d 

3 8^ »fe CS g »3 



H 


13 


d 



cS 


G 



fl 


0) 


si 




CD 







C 


O 


CD 


CD 


s 




s- 




CD 


O 

c 


d 


c 


>,d 


CS 


( 


3 


CI) 




03 






CO 



Si 

bp 

13 
c 


13 

Sh 

a; 


ft 

X 
0) 

CO 

CD 


d 
M 

CD 
Si 


B*1 

CDT3 

^s d 


CD 

CO 
CO 

ri 
J2 


d 


a) 






C3 J<! 




cu 




-O 
d 

cd 


^- ■ 
ocn 


O 
O 
to 

>? 

~G 
O 


0. 
O 


cS 


d 
.2 


P 


13 
> 




cS 






g fl 



cdJcJ 
+j S 
co bo 
CD CD 



c fl 



R fl w-3 ffi 



^ w z a m u j: 

M %£ 2 &>i 



2 fl 



cs bp 

1 1d 



S?fl S S"S ^ bog 
CS d cS - rt u-w.h o 

d ^^ Sic ^5 

0) CD u g CD d 

•*. d <» ft-9 A cs g 
>> d Si J7 '. cd p 
So« dCB J2 cDch 

cs u -d cd ►_: o 
s-d.flxpXd — 

CD-^-'"' CD CS S d 

Sb ftx) cs 3 -a ,J3 . 

M BB^ g C-QCS cd 

cdS32 cdSa-s'S 
53 x s cd d au cs g cd 

CS X-d 



I.™ <u 



8^ g 
c £ S 



d cs a> ^2-d o 



t-2 SSocSfiC^ 



> h " _r?-^ 

~a>a! fl 

a 55 a, fe-u 
« 22 a 3 

co 3 rv, ^ 3 
a) a. o'S 

&t S co -2 * 

e _ ft* E 



^ "" o - CO 
=3 C a> O 3 ... 

p8.s§i 

C . — i r* 3 ft o 
« O S * r< 

0<h H bD-3 .5 
n _ ,H 

co a) 



TO +J 



ffi E 



o ^j 



;H -K CD 



a 10 a> 
o a > 



<S .S T3 

3 g « 
& * S 



a 



M 



'Bo 

Mia 

Cd 4) O 

m Si co '^3 

m *.2 3 
— « s-s 

<- a ft 
+3 cs o 



Sfe 



> 6 
o o 

:3 o 

£ s 

«4-i ■'- , 

£E 

;3&i 
*3 ^- 



i CD CO 

fto„, 

yl 

•* o 

>> CD rO 



-C a3£ J 
o> ^ a 

ID U = S 

S%o 



CJ >) 

CD 3 



=! g£ >>3 • 

Si <+h C_, o P 

2 ca c« 



cd co ■ 



1.S o 

"£ »H 

to 2 ->J 
-4-> CO r" 

fi ftg 



"SS'go^ S-g 



3 "5 co 

£.2, c 
o^.2 



3 •- » 

Si ^ m 



^«"?6 



2 >^ 

_, M.-g 
bOjg 



^ 2~ 5 a § 

HOB 

h fe ° 

ft o 



.5 w> 



Si CD P f-H rt-M 

0) S O Si — I 5 in 
O "- ft^ to 

s scs-l 3.2 

bppL, eS o"" CO 



S^ 2 



ft O CD . 



ca 



cd 



CD o"Bib • 
Si O bO'C, Si CO 
ft d JsP CD Si 
.3 co 13 u S 
Si 3 a) 3^ 



^3 

CO g 

-a a 



>>S E„ b-S = 



a. 5 



.£ c^ogE 

CO O CO o « O 
CO "i -M o 

co 2 c a si a 
ft 3 cd 5c M- rf 

^ a S'cd So 

o^ft^^P- 

S "tD-VplH 

CO cfl o Si 



S-d'S 
« M.t3 
3 CD 

H2 C . 



tl 2 © 



CD 3 

s ° 

43 CD 

to 3 

CD Bh 

> o 

3 ° 
.5 3 

CD •- 

^ bo 
CD 3 

-^ft 
-, ■& 

3^ 



^ ri 5 
,,•1 B O 
><i3 3-j3 
r "SOffl 
E-i >»" CD 

3 -. u 
Si 3 o 



CD 3 



E- 1 JJ 



§■.§>.§) 

... CD CD 



to « " -a 



O CD 
CJ T3 



S i cu * t o "S S 
C 3 S-w 3cy > co 3 

3 5-^ 



-a ° J3 ,- 

3 CD -^ ^5 Si 
Si O > >j CD 

3 3^^ 

2 2^ Si' 
S §.2o 



a.13 
a 3 

3 to 



■9 si 



CD J3 

ftg : 



-2 5b^, 



o 
I So "IS 

!rS 3 .2 

! 3 3 feCO 



£"£! 



CO Qj 



s^ 3 ^ 



-3 > CDJ3 
O >, CD > 

.9 c. m -s « 



p O o 

a 3 3 o 

3 !_, '^1 --i 



CD 



•-T3-C 

cd a 



Bg^ 



>,a! 



'-3 3 Ct, 

"".2.2 ®- 



9 2 aa£ 

^3 SS-2 
a o ox) 



So-* 
5> s 



aisi-^s^jio 

Ct, " CD CD CO p,^ 



a.sp a 

a <d .5. 



' ^3 3 3 co 



Or-J CD a 

" 3 c " rt 
Si 3 r ~, 
* OS 

3coin 

? ■ Oh 

.S g-a 



E * a 

2x» 
£.2 S 

co^" rt 
T3 ^ CD 
sl CD "S 



J-S2 

08 MCD 

a ft o 
S ay 



■ fo >,a a 

-" 3 "S O 

|a.&'l 

CO ° fo O 
(^ CD'U M 

TO ^ -i-H 

D O ft 



«'-a *£ 

fe"si be 

2 3 3 fo 
C o -^1 3 

bo co a -S 

+J ww4 3 co 

as o oj 
„ 3 to ft a 

g-c b o"£ 
g.s 3 * o 
b^^ o * 

fc ro^3 CD'S 
CD _<DSJ3 

a ^'S'ft 2 
.a- 3 3^ 

3 d) 0) 1 4J 

^^ a co .2 3 

^•"0-3 a <d 
a 3 cd si 



a +i 

Sm % cy 
3 S CD 

W.2 2 

Si 3 

III 

ago 

M u a 



fig*! 



.2 *- > -" 

■H O 3-w 

at, js a 



3* X fc 

H be cd a 

^2 ■ 

O 



C3 .5 s 

K 1 ? 



o . 

£<» 

s» 

>> S-l 

CD 
CD,+J 

i 1 «4-H 

X! a! 

If 

li 

v bo 
•a cd 
ex? 

^S to 
¥ £ 



fl > 

J3ft 
-w o 

II 



t<" fa 



_ CD [O 



g^COfl^taS 

gy^ | — a, fi •*-> eg 
£-2-t3X 5 Sfi-a 
•&ra ^ o <D o 

p n r ca ii^ 3 fl . 

x„2 ca +j >- 2 

^■S H-5 a-fl 

CD 



•■a ca * 



« x S * 



-5 a 
ca ca -y — -a 

cli^a-a 



o.s 



a r ca 3c»i« 

T3t) CT'-i o 

CO CJ „ _ 

Sccg«£g 

2 ca 



a $.2 



£ ft 



fcT^ocftg'S o 

'a.ss.-s&ls 



•SJ a? 
ex 
"e to 
tu a 
. s -2 
o ca 
^o 
&?& 



c 


si 


M-l 


o 


X 


■+H 




1 




a cd 






t/j 


a; 


!h 








CO 


O 




o 


X 

ca 

+3 


CD 

X 


to 

3 

o 


g 

EfH 

o 


£ 

£ 

E 

CD 

-a 
c 


c 
ca 

S-. 

3 


o 

fl 
O 


£ 
o 

0) 


CO 

to 

"C 


c 

3 
o 


g 

CD 

X 


.*H 


£ 


C 
o 


o 


u 


£ 


c 


o 






<•-■ 


iC 


o 
R 


S-, 
CD 


C 

crt 


2^ 
ft 5 *- 


T3 


' 


ft 


LO 


CD 


CD 
CD -a 

-a § 


-a 

CD 


ft 

£ 
o 


CD 

X 


E 
o 
o 

d 



2 Q S-S 



3"C p« <g 



<J CD ! 



c-> cd'-£j ftCO 

a x ca cd>— ; 
cats (j o3 



g £ jS T3 .« ca 

'S°l-* ) 3 co 
O to "5 CO m « 

>-M otf cd_ 
as o uh coTJ 



/J x 
^■StJ* 53 P 

0)X 

>■■" 



03 C o 



-w -is >*> > Xi' 
O £X! S CD Jh 

* .2 _ .2 d CD 
'F? ^3 a a 
3 2'ca « o o 
» -a ft c - g a 

CD CJ X O 

J3 cd ca ■ H in co 

-^s 5 *: cb2;_ . 
I s g felt: 8 

cd ca o CD o 2 

+-> S« ^4- ^J +J -C 






cdO* 

^O ca 
g ca_ft 

>>3 



.2P 

=2 

C4-H 

o . 

e« 

ca2 

CD 1-1 
>> S- 

-2<S 
3 ca 

If 
1i 

Si g> 

T3 to 

aj a 






P CD CD 

■a > > 
3 ca ca 
£-a^ 

n ..S ca 



cd * ca 
a cd „, 



o ca <^ 



r" CO CD 

+3 O -3 

ft? 

a feffi 
*-ft, 

CO&h 



2j^S:S 2,g fee 
a^feo^g^^ 

CD D.Q S'S CD ftO 
ft > C/3 ft_ t) CD 
O „, O > 

"ft^S £2 2 ft£<2xi 



ca sh ■ 



^5 1*8 1 



£ 2^i 
ia^ ft-o 

1>>0 Co g 



CD 



O '1 



111 ft 
- ° 9 o 



CD 

Ucn ti. 



CD 



e|^§ 



a -*j c w c-i 

J'| « § fl 

SjScacai-^SjSaJoS Si° o-s, 



2 £^ 

ft °^ 
6 2° 

C-.S-T3 

as ca » 

'6§2 

■£ » £ 

■h j O 
fl CO o 

R ca c 

CD- 53 '" 

■° e-g 

CDbp c 
'fl 'cd 



^c2 ° 

ft sh.23 

ft O to .• 
^^ as 2 

3-2 cd 8 

?J3 CI 



as R 
Eh fl 

1.9 



Sri 



8 g g, to 
.9 a £ 8 



^C"fl-S • 



f"H.9 ° E 



fa a 



as 2|-) 
cd fl>— ' 



as f*5 js 
3 fl - ai 

cd >h ai 

mg.O « 

■S§ c 

bD.g a 

CD 



ca i_i 
P 

CD 









^ft^ J S 
I 8-35 

13 . a 1 bo cd 

^h P/CD^ 

S fa a 

•Sgcaf 
1 >i a to 93 

i a s- 

■^h "3 (-( O m 



"ago 



g as as 

J2 fl 
a-| § 

^«1a 
«SS S • 

l| 8 5 



afe p 



^-§-2 3 J 



3 b 

o 3 



c73 o 



O O 



a ft a 

ca ^ '-h 



.ft i. o 

.c £ x 
fa <»-2 

2 c 
a o-a 



^* ca cd 
oU&h ^ 

C to fa.-fl 

-a-2 2 

— § 3 § 

+j +j ca 



i c ft i fij5 bop 2R"P 

3 bo^ CDOCjfl_>^UC 

o "S 1o ft'-w xi ■■« si* o 

X O CDS Sh P - 



«3. 



> CD cEl. CD C 
M = *, tio" ft O 

2 Si: 



.X o 



as J5J 
!D °a?^ i «^ || ftg a 

ogc8g=«fl-S^_-o 
.5 -a ' T3 p 53 g --s S S 

^.CD>n,CDS-ifl^C 

-BflcSJ35ft«22"- 
«Po.2Sftco ^ ^ o^j cu _g 
^l^bo^S.Sa^^- 

lifiiiiilllis 

sglllllilill* 



-4J ft 3 -U tO 

fl h cr fl 3 

CD O CD CD a 

S-. O S-. o fl 



ca >c; 
' U ^ ^ S I <u fa; 

CO CD co .S. to x ° 

a «j,2 i)^* 3 cd 
£t o 3 S a=*-> 

O ft ti 1*5 b O !j-i 



~ CD 



a £ o-22 



bp_ai 
CD °ro fl'p "g 

£ S-o «o«« 

§bO_g^2x U y 

fl 2 !E a S+J cd g: 



as 



CD ■ 



1 ca ' 



. O CD 



c3 c ".£'o 

g ft° ca 3 

ft fl CD >h ., 

c o e a> 2 

R cj C o fl 

^cdS^O 

as «.g >,-^ 
X as x< cd ■ 
£j= fl^ fl 

CD O a 

jaca>>2 

3 -53 -a ft as 

Sh Sh ^ ft CO 



1> R 

rn ca 
£x 



2_£ 

bO-3 O 



6- ra 



2 u c ! 
A o fl ft-< 



a^-5 fl' 



i« 



as >>S S 



ftcr.2 Ci™j=.H 



3* 



-co 



e c 
,2.& 



1^ 



g 4, 

£ 



nog 

* e 
® 5 
>>.2 



E-i ca 



•B5 



03 fi^o.5 

_ i J3 3 HI <D S 
CO u<+* 3 £ fc< 
ft c 
8 ®V- 

C d hB 3 ft 

°"6 * t £ Z 

S-Soo -u.SW ro 

Oj 3 Oi <4-c > |-i 3 

C o .2 +3 ft cu 

1 |"s -g o g £ 



^"-2 



is -a s-i^jh 



: .s as a* ^ 



2g 



a, boi 



O 3 3 

H g/ft 



CD - CD O <D 



o> - <u 



y r w 

Ss2 >■" 



^■a 



_g c o t * H -2 
-3 « £ 

Jb s 

CO «3 

° 3 (B 



0> O H 

S a* 

ftS s. 



<Di— ; 



-3T3 S- 



Sr.2'»-s 

Oh -2 be £ C 






g 3 

co-^j 
£ CO 

-a £ 
3 u 

rt CO ' 
03 CO lO 

I §s 

^ » S3 
^ CO 3 

3 > 

'■2 5 o 

ft) <H 

o, a> 

ft£ 
3 CO 



Bq 



gc 

3 D 

•Eo'° 

0) - 

jS CD 



tt sJ^S2 




.22 3 
-3 g 
,—, en 

-O 0) 

w 3 



8.5 

73 JD 






ings , 
quire 
1986, 
n of 
Dthen 


5.2 

oi m 


C " o 


o x 


U CO (U ■« ^ 


X O 


H ^ fe 08-3 


0) ft 



-+J C *~ l -?H fl 

.3 Oi -O as^y 



8 B 

ft O 

. o 

CQ.g 

^3 co 



< 5 



£ G a S 

gefa ° 

C0«i 

s c I aP ^ 

H ^ S'O co « 

< CO g CU 

< S s- 1 -U S CO 

> 2 be o-S— < 

V co _ 3 "3 0) 

-, . (O CO w - 

? ».-tt 22 b 6 

J IB " g O 

J gt+H CO ft o 

3 ft° c o.S 

i *i 0) " H 

= o> 3 C ^ g 

"Ml- 3 



-a o> o> o-a 



co a 



x 



E 



35 3 



.3 « 



o be 0>. 



W 

<. 

■S S CO CO 

. CO 



CO c 

^ O CO co 
-3 ° b^3 



O S^. 



to o>-a 



T3§ 

at > 



S ^.S cu to 
• S 3 co zl -"3 
' cS co"o rt 

-3 « 2 g 



-2 bpft Stj 
w 3 

3^0,5 

g-G tn £ 
O— ._ CO S _. 

"3 3-3^-3 

(1) 5 O) H 



>,C) w i w 

c^c o S 
& » g g M 

O S co co 
° 2.3 c8+j 

S^MI ft 
Sou 

op CO u 

3 rt 01 

-a >,bc_2« 5 

3 0>-3-^ 3_ 
"12 flS "^ 

fe"§ S 5T3 'ft 

ft S in bo 3 
- 2^ 3^.g 
fl".r-H ^ « Si 



i ^ 3 23^ - 
I T3^3 a,£ o 



2 CD CO 3 0) 

5 P3 2'" ° 



_ 35 c-o 

5 g 3-3 3-22 g-3 o.2 § 
&.S. cpt3 o-3-i3 o^j-33 



SSS: 



3 


o 






3 


99 


9 




£ 

3 


01 
ft 


X 








CO 




u 


-s 








3 
GO 


^ 


sn 




c 


3 







3 







X 


ft 


^ 


c 


CO 


3 


u 


CO 


_o 


"*H 


s 


CO 


CO 

be be 


e 




e 


3 


ft 
ft 


3X1 


c 


"41 


3 


O 






V 


■3 


a> 



og 
f* 3 

-£ a 3 

*^2 

S " H a 
co "3 co 

»g-H 
IS"* 

» ^ « 

to fl S 

* c-a 

CO CO 

4?ft 



Co g+at- 

« a, co°= 
3 co s si 

2 H >^ 



cu«o 
OS 



CM 

co S 
-° a 



'-sag™ 
y *<3 '■£ -° 



c« 

^3 



CQ ■ 



£ so^2 m& g g.2 §^^2 co 



0) o 



b o 



O o 



E p 



4-S P, 5r! ft 3 « b fl s a o g**S ,H 

ET "*-: L-i p T? i^ 0._z5 ^h S_i ^ ?\ *™ 1 /ii U> 



^"5a 

.2§ 
-9i3 



"3? S 

O to o 

S x ^ 
a"^ 






fe^ co 



<~ « 5 



S+J 10 

o> o a ft o co 



^fr^s.^* 



o S5 

2 "2 ^ a * cjJ? 
a-3 a £.2 ax 13 

Or- ft-M -• = 

- 2 to to 
.a 



ca 3.03 



•31.9^ S-1S* &8^1 ll.sl 




-S CO >>WV r*C'S CO -W 

5 aass^ §.»&.&*■«* 3 



t fe S-o-S 
^§a a g m 
«« m s a 
Si- 1 a "o a 
a . 00°° a 

cS^a^^i 

|2' S ScJ 

• CO '* m 

^ S- > P bOS- 

e^ - S I a ca 
^co-§'a£ 

tu ,_ a _-.S CO 

•Sg'co^SfS 
&> a .-5 to to 



3(S<2> § 

O h -u CO 

C a« «£ 
p a)Q, Th 

«EOo« 
co a w ( -> 

6 « © a 

2 OQf -S CO .CO 

a r h ue3 s 

3 



.2 «j _ 



« o-o 



,.SB 



_ CO o 

•3 3^ to ^^ 

I 6 Sill 

53 a "3 •- 

cu— co crffiC 

G^o E y co M 
X"^ ft" 3 a g 

^,fi CO j* 3 « 

co >*XiB 



a . s 






co a> g^cq 
■- 3 .2L) 

J3 0-P CO 

2.2 S » "^ I 

3 J3 -Q co hc^ 
§'»^ w .g £ 

^g^a-i - 

-^ S co ■" 3 r 
^o-C J3 j)l3 ° 

-c3^" S « 



JJ S g % § £ a 3 
^ 3 •is.-"-" oj.a 

2 o I a a & s 



2 •,-! CO 2 CO 



§a >>^ 



"5 0D 



2 cot* ml 

^*» 3 a^ 
co to n 



.2 <=£ 

to £ 



co 



CD 



. to'3 

>> o^ 
to o^.-^ ft,S 
to C0T3 oj^ 

ft-g a s -s co 

e-"s s « ».g 
5^0-3 y>§.^ 

co a g fl^c 
a to ? «?> 



-S S^iB §-s.s 

,2 -S *, 5 & ^ a 

I 2 °t£:gcfci ^-° 

^ o ^ CO 'I CO ° to 

"^ »*i* -o S 

s.2 co-5^ a33 
•"43 ms®"* y co 

K)fcrcoai>3coco 

o -u a co to a *j 



n'> CO fi CO 

_, O to 

.g y s q 

CO 



a co . 



S-Ooo 



26|o|Pc3-S?§ 
T3.S ^4? « 






* p > 



is S OJ 
S CO ft ft 

- . ft 

MBt/1 CO 

• 5'coH to 
-^ I — l^ (1) 



2 Si a3 



3T3 

a a 



CO o 



co 

a 3 



co 2 
ft£ 



a * ^2 
o £ ^-a 

crt ^ ^J ' "- 1 
ft^co 



10 £ S 1 - 1 ,>;» 



C/J QJ W (-) ^ 

6£h A3 



13 4? m ^ £ a 
.^^ga^SH 

co 5 °43 bCTJ « 
"■a S „43 S-S 2 co 

co MO o o >3 , 5- Q 

•^oS^^^-p.C^ 

a c 2 o to^ia *3 

aj3 £> S fta>TS 



to a 

S8 -a co 



CC?^i?« ^OUJ CO 

0,0 3 » m X o- S 

a to »h g^s ft j)° 



X'S'S 



aj St a .2 eg g" 5 



to CO 



-ff ft-a * y 



S.S.S2S 



co a 



s &S5 



bi) co 3 
to r 3 



Cfi 



u.Sa 3 g co 



a x^ StB 

2 sg£ s 



fttp-e„ 



0> ""O ■ 



^g£ 

„ co " p 
5. to o 



bo cd ■« O ft 

.3 3 £m 

> J g M 

y ^3 (H 

to co S 






co > 



co-S-a 



COfH 

to Fj-f 



Dra^ bo co 
+3 a •a 
153- 



ft_to 

fla3fiS 

rt +J .*H CO 



CO co^4^ 
co^ ^ 3 

S3 g.^ Stall 

£lo^-S .S E^ 

m Ct O ."tt JO _^ S •" 

•3 ->-' > p-H a Q 



CO;p cj 

'SifLi-a 

ffl^'l CO 
CO CO -M ft 

§ '-^ to a to 

O , JS co m 

o .-3 a -^ to 

3t3 +-? a 

a a^^ 
2 ^ -rH x ^ 
6-2 aiy ° 

to on 0.3,2 
CO S,h &^ 

§i 2 

£'35 -a a-^ 



l^^lyft^aS s8.fc fl .§ 



"•a 3 

3 ca.2«> ft 



co Sh 5 i 
o co .2 o 

ft'a to 3 



.3 g 



•- c 



II 

to o 

to ~ 



^ 33 

_, 05 

.as s 

2 to 

ft 1- _J 



csc> 



oo 3 



ca ca 
£ < 



b£% 



c jo -^ oe- s bricv] > 

ago, o csfg-^, 

-Q cd a> _ 5 ca h. 
_ a> bo s-o 3 > <->• 

S. ^3g.g § § sSjtj 



£ 3 



15 /o : 



-_s.s a- 

PS' 

a>-g~-, 3 3 a cd^ £ 0.0 
"-S § S 3 ».g § ft * 

H gf^ 2 3 co 3 «^S-§ 
— * G ^ a) a! 4> O ,_l co ;G 



2* c 

2 3-^ 

® o „, • 

hi 0) to 

-Q 3 o 

CD 'Tl -pH 

$2 £ g 



o 



£ i5fc 



ftja* 



S-B-o a 

S-2 c-o 

.S S Sa 
5 * ° 

to 0) <U _, 

§ S-. >>S 

^ 0)10 2 



CD b0.iT3 r '3 



ffl-H " J) 3 

^ s S » 

2-° 3 



£3=3 



CD© 



^2^-§ 

o -^ 3 +3 .5 
a) o "C 

3 ~ flj? 
to co g he-Q 
<d -a "S '-J3 
fi.fi co g " 
co ^22 

S2gJH 



cj C8 CS^ fi 

co fe y ti a> 

73 . o 0.3 u 
fitca^a 
SP ©2^t 

3 eg 



.5 o 



■ >. 



en [D^ hi X> 



co fi 



CD ■ 



to CD ft.gf 

K-S *£ 2^3 

-w ^13 h CDrr- 

3 2 cd.o -~-.fi co 

-■ b £ a; ""on 



*-=' 



,-, bo ca 



& c 



h, 332 g CD O g CD 3 a, 
oh.bo!>.fift!S'3T3a>ft 



O) h- 



£ 3 



CD 


0; 


tu >> 


crt 




* 


0) 




XI 






-c 


X 


H 


ca 



ft^J 



o 


_o 


X 








C1J 








>.- 










fcj 


1h 


* 


£ 


s> 


a 




b 



Ph** 



: c & 

;'«<*; 



>- a 



* « SP 



O >><« CDT3_; 
Pi 52<- 



C fl ^ >, 

•3jL-3.SD a, S 

03 S° $ _u S° 

° O o> ° * 2 



c0t3 

.a c 



-fl"" 1 § ffi 5r? 



oCu i- 

its a 1 - 1 tin 



~o 



O 



r, 3 fj ca^, 

■C » ^ « c « „ 

OS c 0) i3 1hT3 

aj 3 +3 cd co -* 
fl ho fl i-i ^ r/i 2 
fl> ^-Sk.' fl™5 

fl >3 a-S3^_ 

3cDcDflcD>_<oS"o3 
<3 !h o j3 tr* -y <u 



"2 <s 



fl 8 



a) to >h r u co c hDi_< 
co u <s£ fl.fl ^r 1 

O Xt3 o -fl^> „; 

.fl -, hO 1* -*-? O fl O 

fiSSs ft-~fl-S.S 
' Si °> 



tot> 
o 
ft <u 

65 



q y 



» 8 £-^D.fl 



- 3 A 
AT? 2 






13 x 
fl co 






45 c 



A fl CD 

So3^ 



> 8 fl « 



<=43. 



hoS 

J3 S^m-2 * 

•tn " CD 5 

c.SS fl fe s-.-^ 



03 J5,o 

l- 1 CD 

■5 « S 



>5 



43 ^ a,'ho „: 

S o o.h 2 

gft8>fl 



»>> 



5 C5 cO 



2 S-fl 



2 c 



CO CD 

irfl 



-texcu,„'sco'^a)cu 

^gcOft^^^SSS.S 

cu o $ ^ ^ts = a 

o to ato'OS o o 



^■JSo.-SB , J3i-"a- 



ftc,-, 



J P ^5 



fl 0) 

1 1 



1— 1.1 — . 

ft 0) 

43 



O >><D 



C co cl 9 cO 



s a- 



> $ S I o 



CD > 

CD l> 

-fl 2 o ° 
h5 fti§ 



5 h ai-B 
° -"fl C " 

6 £ fl 

CO '^H fl) 

5 ^^2 
S °S fl 



.■fl * « .2 



cd" >> a 8 <u .2P 

T3 33 .S ft^ CD 



gO' 



s 3 ! 1 



CD >lrrt 2 CO 

ii 13.3.2' 

Cfl 3 

o a" 2 -C 
o o 3 co 



.CO 



■8 S J3 e 
e 0^2 a3 

_ffl cd c8-S 
C^ C » 

£P5'ho' 



tOTS 

S fl 
.2 * 



hod 

CO&H 



i- ^ ™ 55 .ST en ja 
Or/5 fo cd £0 

co n- o 



CD 03 ^ 



b fl 

o 



OS CO « O 



CO j> ho CD 

r 1 5 e »; +S 



CD CD 



! -fl 2 



CD 03 
fl "CO " 



6S 



JD43 O^.S43 "3 



rt ^ o A 0^2 



CO CO coQJi— ' -m<Zj 



•rH ^ 

>2;> 
S^ ><.fl 

3 CO fl 
co +j C 



O.fl 

°> 
i— ; CD 

>5 

T3 fl 

CO >, 



^S 



*■ c 


e 


rD.2 


t» 


CD 09 




— OJ 

3 CD 


^ 


s- to 




»- 2 

CD ft 




£ . 




*?t/J 


r- 


^^ 





ffilg h 



CO 


> 


C 


>>0> 

=1 -3 


a 














0) 


o 


cs 


CD 


en 

a 


o 


1 




>> 


01 




ft 




cfl 


Oh 


X 
-*-> 


cj 






TJ 


~i 


ft 






o 


o 
5 



^flfi~- 



P. h 

1 2 3 . 
-5 S « 

a cfl o 

■ -y +j o 

2 C be 

>- nj gj 

» sf 

«§§ 1 

ai a> 5 ,2 

$.2 « <S 
£^ » £ 

M^X ^ 

cfl s- -^ to 

cd C cfl 

£!>P§ CD 

§§ft M 

• 3 S> CD 



j>>bo 



3 



a 



fl,S o *! 

g.S'SD 

c jj fl o 
"" 2 -u 

to S <fl g 
| 111 

-^ s 3 £ 2 

o ja'ts 

•h g3 ' in 

CM > 2 5j=> 

OOS o 



t*-i ■ 

o £ 

fl 

.2 ■$ 

< cfl a> 

fl "cd 



±>-2 fi .3 



cfl 01 
0) ^ 



£ § 



cj~ 



_- « 



fl CD 

fi CO 

A CD K 

bp bo co 
C (fl >> 
5 . <*> 

> « 

Ed" CD cd W2 m 
Ph cfl P> 



-o 8 

ft 

id to 
O CD 

sfii,r2 

.'to 



ES2 s « 3 « o 



CO Jm 



■ D3 



C O (D_e ^ S 

p o-as "£ J5 

»H r-t rrt ^ H ^ 



o fl .2 
s-. a* co 
9? a>V nt 



a fi is cd 
ftg * 



-2 i-h .5 



'^ C cd.G 



c ft cfl. 



6 S 



A o o ft 2, 

+j ft J3 co +^> o 
CD T3 -5 «5 =2 CC0.S 



(g. H 



^E 



J3 -J3 

^ St! 

CD (D 



•S S c? a „ 

fl«WgS 
> ft . c -m 

Or o cs (fl 
.3 3 S g^ 
ojos.Sp 
jfl i«3 cfl 

§ fl §i-i 

.5 cd o 2! ca 
Jug cd-h 

" en 3 J3 3 

Il^ftli 



a 



■n 


Q) 


c n 


cfl 


(1/ 


> 


o 


H 


-!-J 


« 




m 


+J 


en 

6 


CJ 

cu 


j j 

CD 
en 
;n 


to 

fl 


c 

o 


qj 


O 




-3 














CU 




X 


Si 


:•; 


O 


M 

01 




5- 


»5 




o 



§ Jj « §\2 S 

h S^ *< 3 ' 
"^ -^ ft S- m 






+j 3 
3.2 



t, (« y T3 (fl 



he 



o*S o 



^0 ! 



(fl 8^2 

aj S 2 3 cfl M -S 

ScS^s^^. 
fl « r oxio 

— ^fejfl aj 

t- -^ ■ ."S >, ^ -3 

co _ -o ^ . o 

CD CD to j- j- - 



O CD 



r3 Cfl 



CflO 



3 fl " 
C a> 

CDT3. 



■flog 



W£ 



cfl'S 
ftoo ?0 ft 



"3 2-fl § 

Ch cfl .g 

.S "^ X! fl 

. 3 o -^ -^ fl 
>»co-§-2 

+*£ o' rt o 

<h <» fi t, ft 



- .S >. u 

§ a ft^fl^ 2 

"3 -^ cd to 5 

;S0ESS 

- "^ o.S tie 
C X 2"5 C 

fr: co cd g 3 

S'S ofi 
ft > o.5 



2^ tfl'S co (fl 



cflT3 

-^ & „ 

o _ S 

•2,g'n 

^ ° CD 



03 "S i— i 



ft^ s 

Si . cd cfl C 
O >>^2 CD g 



_i 3 



co fl 



4j , ►-^ S -^ (fl CD 

|g>|>8g^g 

(O'-h fl .3 a fc e 

— o B cd <fi .2 P .3 

^fi^ cqiS-M O 

§■5^ ^SflS 

+3'C S « o ° SP' rt 

ts ^ ^^fi^S ft-Sc 



.3 fi- 



fe o 



'4)OfiS ^ 
P <" 3^j -fl 

1-1 O > T3 ■ 3 

ft" £ 3J> u 



' ° CD 0> ft 

-*- toTS o . 

2 « Scm co 

fl T3 . . CM CD 

rt CD 03 (" - *j " 

'2^a§l|«3 

jfi .IS .Sh.S oj j3 cd 9 






3 flliS 



CD ■ 



CO 



S S^ 3 
|&°* 

« • 5,-3 
5^ »"§ 

O . Tfi 
CD P > 

urn* 

^ 8 CD^ 

S o - 

•rt o <fl c 



cfl 



t- 1 cd-; 
:V8 ftS 

xOt fi 

(-! CD ij 



>,g^§Sftga 

* 35° o OS 3^ 
cfl'S m S o3£ cfl 

■£ ca ^2^ fi c « 
-^ cao m 3.2^ 
-■3EeS2-floto(fl3 

>Cflfi+i.-H-l->>-!H 

* "^ °'S"3'3 ° 2 

c-" £ c ftg 8 o 

fl^J-SnOCOl-iflj 
'--fi R CD - CflK. S 

2 flo-S S otM 

to cflco C 3 +j o 






i- 3 fl'fl s « 



-°"3 & 

fl" S 
•^ CD 3 
_,,fi 3 

tsg 

to Cfl " 

pO cfl 

ifi CO CD 
fi Cfl .£5 

2^3= 
CD tD CD 

to e C 

3 3 CD 

cfl bo 
o co 

_ CD 3 

*5l 

.3 3 



3 cd 



C3 



•H «1 O 

CS -m 

33 CD 3 
-3 "3 r ° 



Cfl 



(fl fi 

■5.2 * 



- H ^3 
fiS^ 

eO S to 

8°1-S 
.3 a o a 

H S Hi i 

-m If 

CO "^ fi Sh 
g CD O ° 

fl >J^cfl 

I— I JT> oj Sh 

^c2D 



•i e 
«bS 



~.Sf 



bJD 

g 
'a 
a 

■a 

0> 
J3 



0> 0> 0> 43 

a s ^^ 

co m <d to 

•" CO r- 



s, a c ° 

« £ ^ 2 

^ft:S « 

• B E> to 



>> . 

I S3 

<U Si 

o 



x 



KlJJ 



X . 



Spc a 2 
_b ts.S- 13 
'3 '—>"s 
5 S <» .2 
'So hr S Is 

S e ° c 

to— ca ^ 

oi m £ o 

>>T3 0> 
0>C StS 



43 (D 

K " > 
ft OJ O 

K» & 

CfiBi 

M rrt 



cO 



CO 



ci; 



J-, to 



43 -u B o> 

Ch be C 
ctJ oS rt 



&q 



x °.s 

co >tj bo 

C as-* 2 
.2P3 in 

m bocO 
a> c $ 
to -3 >> 
t° B ,« 

2 £ a>ffi 
ft d *% 22 

_ oxiffl 

Box- 
ffl u fflto 

« a h ** 

1— ' en <— . -Q 



i 8 

§"S S 
is £-2 

Sh >— 1 
B H 

(D CO tn 

gO to 

■^ £ £> 

^ Ol, j§ 

CO 01 ■ 

,B,Bq 
t^ 

S.2 6 

a! g _lj 



ft) 



E ° "S 
"^ "to -2 

c £ ^-^ - 
S° &8 I 

a>_ a*T3 2 
> as o> 3 C 

^d, ^^ ft 
^ -S "a -1= ^, 

>^^ £ c 

o o o t 1 ^ 
CL to O) ft R 

o> t; 
^^ a> o> cs 

e>~> **> SS ft 
o cs o g* 

-ftS^P 



Kl « 



^ £ 



■■ife«S4S 8^1 

§ 8 ^^|^'|g 

t <- 1 ™-i os-w ^ S 
^ o2 ft-gen „ g 

c <» § 0)-°— 2 « 
01 to £ S 'O >< > 

§ o) 5 -g .2 -a O 

3g ft ^M§0 43 T3 
4 0) 2 01 mj3 g fl fl o 

O aj ft-w ffl 01 WX! ft 



-d c o 

Co C +J to 
3 CS C to 

C „ 3 
^ £ 0) 



ft to 



>;o 



^3 a 

Co o 



C3 



2 aj-is-c «i 

C 0> „ *> +3 

Oi T3 O) '" 

"a-s_ v o 

E2^^ 

» « => c 

=> 2 o o ° 



^1 



O) g 
C3 E 5 



-& C,J .£ x 
JV£3 

to -a .ts £ 

lass 
M45 2 « 

£^-£ 

CO to Q) 

o K to 

b -^ ca 

<$««? 

_ E o> 42 

sssg 
.s-Se 



B 

ta.g 



OJ '"O 
0) 

> O) 



B « 

S £ 

£ 2 

o> S 

0) CO 

bo 
c3 



4^3 >ii g g oJ-to 

2S°-Sftg§« 

^43^ a; 03^43^ 

"'- ) /£ oi 2 2-2 
is 
■ftp 



f< n(T! 



T3 ^ 



O 8,^ ca 

CD B 

CS^^t.^BtotO-cia) 

BnQ B-o a) rt * 

2 b to „co .a >, <« "" 

oi-B'ft bo_u> O) B 
^■^l-Jg^'I 



.a _w -2>_; 
to £ « 

S CO 
B £ O) to 

2(S-^-- 

o o ft 
5 



B >< 



OJ 



rr : SCO g §3 



feCC - 



cu 



.£ 3 2 o. 



5»c,g 



ts .±3 o o> 



>, CO 



0) 



2 ft^= 55 



>--« 



B c8 



bo 1 " 

03 SO CO 

■43^ o c 2^-7= g 
■S'Gc£gg22 

B OJ CD B n S S 

3 ft bO U c_ £ CO CO 



.2 2 5 
2— « 

co 0) to +3 to 
— -D o> aj 01 

S2 .2 ^.2 



ft B t< U tj •! 

g £ MB B-£ 

g s-, _ co g o 

8 S fe 2 ^ 



¥^ 5 to^ « 
og§1^2 

3 g I g.o ft 



•i c 



S Co 



a>.a 

c?S 

£ £ 

« o 



ll 

c« CO 
X! C 
CO CO 
HO, 



"3 

CO 

O 

a. 

o 
u 
CU 
ir. 

*C 
CO 

£ 

u 
'3 

J3 


1 

C 
CO 

CO 

01 

Si 

ft 
g 

CO 


Retain present law. 


1 

C 

CO 
CO 
O) 

s- 

ft 

g 

01 

« 


CU 

05 

3 
O 

B 


Change FSC rules to exempt 14 percent 
of export income (13 percent for corporate 
shareholders). Make corresponding changes 
to DISC rules. 

Effective date. — Generally, taxable years 
beginning after 1985. 


Reduce the foreign earned income exclu- 
sion ceiling to $75,000. 

Effective date. — Taxable years beginning 
after 1985. 


Payments with respect to intangibles 
transferred to a foreign related party must 
be commensurate with the income attribut- 
able to the intangible. This standard also 
applies to determine the minimum pay- 
ment with respect to intangibles trans- 
ferred to a related U.S. possessions corpo- 
ration that elects the cost-sharing option. 

Effective date. — For transfers from U.S. 
persons to foreign related parties, the bill 
applies to transfers after November 16, 
1985 in taxable years ending after that 
date. 

For transfers to U.S. possessions corpora- 
tions that elect the cost-sharing option, the 
bill applies for taxable years beginning 
after December 31, 1985. 


"3 

to 
O 

a 
o 
i- 

Oh 
J» 

c 

CU 

'en 
Sh 

Qm 


CO 

el 
o 
2 


c 

O 

2 


o 

'to 

■> 
o 

U 

ft 
o 

2 


is 
03 
J 

c 

CU 
09 

CU 

la 
CU 


The United States limits its tax on quali- 
fied income from exports when the export- 
er uses a "FSC"— a Foreign Sales Corpora- 
tion. The FSC rules reduce taxable income 
by 16 percent of export income (15 percent 
for corporate shareholders). The Domestic 
International Sales Corporation (DISC) 
rules provide a similar benefit but only on 
the income from $10 million in export 
sales. 


U.S. citizens (other than U.S. Govern- 
ment employees) who live and work abroad 
and who satisfy certain physical presence 
or bona fide foreign residence tests may ex- 
clude from gross income their foreign 
earned income up to $80,000 per year, and 
may also exclude their foreign housing 
costs that exceed a base amount. The 
$80,000 ceiling on excludable foreign 
earned income is scheduled to increase 
$5,000 each year beginning in 1988, up to 
$95,000 for taxable years beginning in or 
after 1990. This schedule reflects a Deficit 
Reduction Act of 1984 freeze of the in- 
creases, which the Economic Recovery Tax 
Act of 1981 had scheduled to begin in 1984. 


Transfers to related foreign corporations 
as licenses or sales are subject to an 
"arm's-length" price standard. Uncertainty 
exists regarding what transfers are appro- 
priate to treat as "arm's-length" compara- 
bles and regarding the significance of prof- 
itability, including major changes in profit- 
ability of the intangible after the transfer. 

Transfers to related foreign corporations 
as contributions to capital require the 
transferor to recognize annually, as U.S. 
source income, amounts that would have 
been received under an agreement provid- 
ing for payments contingent on productivi- 
ty, use, or disposition of the property. 

Special rules apply for transfers to relat- 
ed U.S. possessions corporations (see Pos- 
sessions Tax Credit, above). 


E 

01 


s 
# o 

"8 

o 
a. 
u 
o 

CO 
CO 

"3 

CO 

e 

bo 

£ £ 


<4H 

o 

CO 

be 

S 

'3 

s- 

es 

is 

CO CO 

w to 

e 

CO CO 

"3 .a 

££ 

< 

id 


6. Transfers of intangibles to re- 
lated parties outside of the 

U.S. 



"3 

CO 

o 
ft 
o 
u 

ft. 

CO 

"e 

c8 

E 

s- 

'3 
j= 
u 


(a) Require that passport applicants (in- 
cluding renewal applicants) complete an 
IRS information return disclosing foreign 
residence. Penalties for failure to file 
would apply. 

Effective date. — Taxable years beginning 
after 1986. 

(b) Require withholding with respect to 
pension payments to U.S. persons living 
outside the United States. 

Effective date. — Taxable years beginning 
after 1986. 


Amend the FIC rules as follows: 

(1) Retain present law for U.S. investors 
in FICs defined in section 1246; 

(2) Impose interest charge based on value 
of deferral for U.S. investors that invest in 
passive-investment vehicles (whatever the 
degree of U.S. ownership); 

(3) Allow election to pay tax currently. 
For U.S. persons that pay tax currently, 
allow income earned by fund to retain its 
character (as capital gain or ordinary 
income) at shareholder level; 

(4) Same as House bill; and 

(5) The proposal would exempt FICs that 
had elected to distribute income currently 
(under sec. 1247). 

Effective date.— Amounts received or ac- 
crued by foreign corporations on or after 
January 1, 1987. 


5 

01 

X 

3 
O 

x 


(a) No provision. 

(b) No provision. 


Amend the FIC rules as follows: 

(1) Apply the FIC rules to U.S. investors 
in foreign funds without regard to the 
degree of U.S. ownership of such funds; 

(2) Require current recognition of income 
by U.S. investors in FICs that are passive- 
investment vehicles, by looking through to 
the FICs earnings and profits; 

(3) Allow U.S. persons to defer tax upon 
agreement to pay tax plus interest on dis- 
position of the investment; 

(4) Liberalize the FIC rules to allow cred- 
its for foreign tax paid by a corporation 
that is both a FIC and a controlled foreign 
corporation; and 

(5) The bill would apply to FICs that had 
elected to distribute income currently 
(under sec. 1247). 

Effective date. — Generally, taxable years 
of foreign corporations beginning after 
1985. 


CO 

O 
ft 
O 

u 
ft. 

J» 

c 
cu 

'3 
cu 

h 

CU 


(a) No provision. 

(b) No provision. 


d 
_o 
'53 

'> 

o 
u 
ft 
o 


it 

cc) 

J 

C 
CU 
CO 

cu 

Im 

Cm 


U.S. persons resident abroad are re- 
quired to file U.S. tax returns, but a sub- 
stantial percentage of foreign residents fails 
to do so. 

(a) Failures to file are often difficult to 
detect because IRS lacks information con- 
cerning foreign residents. IRS formerly ob- 
tained some information from voluntary 
information returns filed with passport ap- 
plications, but the return was discontinued 
because many taxpayers refused to file a 
voluntary return. 

(b) Even when overseas non-filers are 
identified, enforcement is often difficult be- 
cause IRS cannot collect tax in foreign 
countries, and must instead attempt to 
locate assets within the United States. U.S. 
pension payments to foreign residents, like 
all U.S. pension payments, are not subject 
to a withholding tax such as that which 
applies to wage and salary payments. 


Generally, no current U.S. tax applies to 
the foreign income of a foreign corporation 
that is not a controlled foreign corporation 
(under subpart F) or a foreign personal 
holding company (under the FPHC rules) 
even if all its income is passive income or 
other tax haven income, and even if all its 
shareholders are Americans. 

When a U.S. person disposes of stock in 
a foreign investment company (FIC), how- 
ever, the gain is not automatically subject 
to a favorable capital gains tax rate, even 
if the company is widely held. The gain is 
subject to ordinary income treatment to 
the extent of the shareholder's share of the 
FICs earnings and profits. This special or- 
dinary income rule generally applies to a 
foreign corporation that is primarily in the 
business of investing in securities or com- 
modities, if 50 percent or more of the cor- 
poration's stock (by vote or value) is held 
by U.S. persons. 


E 

01 


— — 

7. Compliance provisions appli- 
cable to U.S. persons resident 
abroad. 


8. Foreign investment compa- 
nies 



rl> a! i 

« 5.25- 
Ifroto 

5 °E>. 
S .s s £ 

Tl X S O 

4> CD „ ™ 
£5j* 

J IO H 4J 
OOJ.CS 



2 » £ 



■ 



>>-s ft.2 

«d-§1 
s* .3 to cd 

o $ St! 
5~£ & 



^3 <k 
„ to 

xi fe co 

3 3 o 

M-e y 

• d a>-g 

2^ 

O h H 

,3 ft.d 



ST .2 



*- J cO to 

> to CD 

CO 3 

« S's • 

01 2 3 co 

-^ co <4-c CO 
3 'fa O.T3 



35«3 
S o S^ 

*3 1* 3 _ 

XJCl42_0 
$ -2 X! fl 

ffi 3 be 



CD _C .-£ X> 
S 'to co co 

tn-H IB 

OT3 CO 






2 A 

CD 

Oh CD 
ft,S-l 

CO'V 

2<o 
d* 3 

£.5 . 

_2"OoO 

3 £2 

CD §"-^ 

H 3-g 
I >> CO 

a o CD 

<U fa t£ 

■2 * 

■wch m 
u O «) 

<■£ M 

em cj 

cO-C 



_r fe to > 

d 5.2^ 

3,3 3 is- 
O :>, 3 ■ 
fa cd oCO 

5 °P 
to t , ^2 

T3 X! J§ O 

'to * 0-3 
CD CO CO 

-fa jr. a> ^ 

£ CO I — 1 +i 

-2 2 * 
£"8*3 

^ CD S 

Sh '3 to 
>..C ft CD 
J? ft"! 

^ be o -d 

2 S -S 3 

S'S£> .5 SaJ-^-2 



3 


d 


c 


_g 


SfH 

O 




to 



u 

ft 


CO 
at 

crt 


J2 


CC 




ft 


c 


'S 


d 

3 


ft CD 
U O 
O CD 
O Si 


« 


O 

c 

3 


Si 



CO 




.1 

53 


c 





I-I 

O 


S-, 




33 


x 


Sh 


rl 




CD 


CS 
CO 


3 

d 




cd 
ft 

S 



1 

CD 


-U 




-J 





^ 


d 


ro 


TJCO 


CD 


+3 

3 


cl 


CD 

to 


£3 


£ 



J^d 

33 P O 

rd co-^ 
^-d.2 

g ^ « 

d co 



CD d 



-Q 3 CS acu g 

_ » CD ft 3 J2 S 

l-S X to e d+3 g 

, -y cs <d g - ^ 



:2^^«d.g 
co ,2 5^3 



O! 



'S d 
Eq bo 



6§- 

d'S^l 

■ rt .S to 
,, -^ to 

4h J4-H .3 

® 3 

v, <~ 

S-S * 

Eh m cS 



S C 
O CD 

^^ 

Sd 



i^^d^S 

.2 2 cd'« t3 

"S CD "d 

ft>>^^ fa 
c5fe^°. 

g sn^^d-^ d 

co ft CD cS co 

S'S.S 3 oj 
9^S- 5 &ft 



5 * 

CD 

ft$ 
ft,(-i 
cfl<v 

' (X) 



3 
c 



CD-3 CD 

2.^ 



CD O 

2 «■ 

-d CD ^, 



cu cO-d 1)5 "^j 

Sh w •" 



5 2-S loco 3 
a,^ op §» 

^ to .g"g O 

"ft-S_C fad 

ft CO o Sj<! O 
<t< QB-- ft o -rt 



OS 

3 ?, 

3 O 
-d O H 

Eh cS § 
I >>ft 

-§&£ 
_s ft cS 

•S =H CO 

O O CD 

^ to 3 



-S fa-S «S cS^3 

I? ft co M co O 



B i H 



•r cb B si 

ft co"*h 

§85 S 

CO S CO "* 



£.S^^ >>.fa.5P-3-2 g 

o o 



sh 55 co co 



.8-3 fa ^"5 



S dp o^.^ 



X fa 



.Pis 

'2'3!s t s 

-g ft-3 ° 
Xj, co 

.■dm 2 ,-d 

>> cd4^ i«H 
* „> fa 

a. -d g o- 

£.5 CS-3 

-3 ft^ 

3 Cl 8)5 

S^Ch-3 

ft to .fa 

CDT3 CO g 

(5 d d H 



>vd-S:2:S 

ft"" CD'S 
ft 0,3 P 



CD CO 

" &^ »--2 S 1 - 5 

S-°-2 cs ?'« c 






-a 5 



.2 u, 



«3CSSci5-3X r /52 

|x»^cs-2^^^2bc 
fa-^cQ-d^dd M .jH 

.B-2.S-S.2 
5 co-g d * 

M Sh.S CO <" 

0)OXSii« 
> ft CD J2 O 



Eh . 



a cd 
"a -5 



u <s 2-d — 

_, 3 cS "3 . 
3 XI « fa CD 



O'CD & ft O ft-i 






- 3 i O 3 2 dr/j 5Pd CD'S 



"rn CS 



S3 



CO 


C 




3 
O 


O 


CO 


42 


X 


p 


CS 


cfl 






>^ 


at 


O 






ft 




J3 


!h 


CD -w 


O 
O 


> 

CD 


5 


3 


CD 


-O 



S^.d.SP 5 - 
flAu £=*h ^2 2 £ s 
o>2 o ° o> co o o c«^ 

a) 170 o*^ CD j3 * ro "rt 

F 1 « So sh-S.2 cBt, 

^ O CO co c § S-S gOB 



B to d «■ 



«j d * 

tS ^13^3 

ft75-S; 



to a„3 3 

4S 



5s to 

lis 

^£'g 

» « co 
co -3 CD 
CD co 

'C +3 01 
-Coo 

c £ a 

3. fa d 
0^0 



co-tS 

S- > ITi 

0> > cS 

ftra-^ 3 
^ o> 

Mo O 

■s y d 



-d i x >% y _" 2 

2 fa tsxiX box 

Sh -co 0) fa bl) 

2 bP S^-2-S 
5 o „ co <a xi n 

§ £-2 3. »'S 

SCD « CO ™ bD 
ft O S?-50 

0) ..2,* ^-o 8- 



' - i to is £ " 



dcO 
01 ~j 

.HPT3 



X^S 
'P 



Efa'-S 



r o ftd 

tn "d 



o o-^ d S-S o> dxi.S 
£°£ t S"o'S" H EHd 

CD-in O c c CD-^2 to 3 w 

■s * S3 2 2 »2l 

2^2 2 o co co -rt o am ° 

£ cu o 05 a) co o^3 

^■Saa ft-g tj>S 

COdd-yMS-irJcOXS-i 
XlOCDCflOOtD^cO O -. 
O T3 



O O CO CO o 



i§ 0+3 

-o 3 

«1c o 



«?^?!£ 

jp 3^=2 




, o d 

"Q B°'a 3 bfl 
ft^S ftS'gcOO 



cd .be 

to fa 



be • 



3.jh<+h oi^'C oD^ 

^ S CO3.S fa 
3 y b x 3 ^ 



d 3 



tS to 
CDX 



5^-3 



8«3 

.SP 



COS 

co§c?-Si|p 

2 2 si oj S S 

-s-isltd ! 

-Sco^-Cfal3_ 
CO CD » ^ . OSC 

"2-2 d'-d^TH. « 3 

•SfC 3 2 >.'« 

CD?d 3 -2 .3 bD 



^ 8-S 

d c S 
S a 8 2 o S bV2 2 

N "3 s^ B o 

sSH > „S r xs>'0 



CD 



d.d co x 



.■d ft^H CD o CO CD 
o-r< 3-3 o ,_• T3 



■„ ? o^ 

gD3><>tH 
- _^ 3 3 O 

„, 0)C! P o « 

o S "" M 

3E(* ocd>,cdS 
< L 3aj o to ^?--| cS 

g: >» Lo .3 ft CD 3 



m ."C d 

"~ 1 ft o 



fa-S-S >> 



CD 


_ 


>. 


01 


ea 


> 


ft 

•A 




3 


X 


H 


3 


3 


ta 


or 


s- 


Cu 


PQ 


Si 









U- 





© 


£ 


- 





OJ 




U 
3 


.£ 


b "3 


3 


V 


X 
O 


u 


C 


3 




c 


3 






PSx> 



eo .S3 



<*> A d o> 



50-30 
+3 to cO to 

»ogo 
3 to p a; 
£ S ° C 



Si ^ 

■s » o o 

0. 1 



a 



x to >>a>.X 
a> b -fffe d 

2 b o 
d a) a x o 

jgS gSp 

i— • to m to , 

co a«s a, 2 
y ~'.S • .2 ■£■ 

•oSfl o 



to r- 1 

**£ 
o d 

CO _3 d 

13-3 +3 o> 

,. -« to tH 
X S to 01 

rt 2,2 ft 
d £ e £ « 

£ >H g i-l tO 

«§ £ s i'-s 

J2-3 3 3 3 

y a> -d to 
W o— d o 
^3 v S «> 

t,_ to 01 J2 
o pd ft o 



Ceo 



3 d<S ° 



: c co-s 
1 * 5 _ 

'£•3.3 



o £ o- 



S tu 



01 O ■!-) 

3-3 6 



3 ft.2 5 ^^3 



*3 » 0) 

o> co 01 y 



x 



3 ft 



» 9 fc 
6 s g <D 6.5 



0^ 



aft 



o> _t3 

8P2.-B 

2 D 6 
£2§ 



J2 ft-g^ s to 



.3 !h !-i -3 O . 

ca oi 01 3 -^ 



hh tj d) J) 3 3 q)T3, 
CO I— ! U U h 10 10 h «' 



ftOO 
ftCi 



*6 






» 2 

■■e 6 

O 3 

I's 

fc) o> 



to o> .i "O.i cu _d 

§ s-s.-s s § * 

CO co 0) 3 £ tl 

C"S „, o « d 



'3-3 J 41 



03 



tea 



r-5 o <u 
CO°g 
— "3 >>° 



&2 a « Wc 
65"C 8 ft 3 Cfl 

.3 g •— ' to 

to Saj-g sSa 

^*H 3 " 



02 CO O 



§ 

bo-2 to g 

d " 



o.a C 3 <-> ,3 



•° S c^^rg^ 
a>S ft cb += ft 

-S « d 6 ft-g 6 
.2 d.S g to S ffi 

o ° o <" SSo) 

>,ca 3 3 

£ d 5 3. S 0) 

*H .^H CO W 01 Ld 

So h S 5-3 
—s-* 3 x ft u d 

to to Sm to CD 
4)3 0) J> 4) i-'S 

"^2.5 S|e 

01 S3 3 3.3 

S3 IB - B 

£3 d 
or 



X cfl 

5^: 






'-din 

01-3 53 

d »i5 

W 01 to 

rn-d <t) 

-g* s 

h Id O 

5 h to 



J,O0) 
CS'CB^ 



d P bD oi to 3 5if 

K _ (-1 oi C co O) 



S3 d 



o cfl 



dT3 a 



d 3 



^6 



0) d 
ft£ 



co -3 2 0t ^ 

3«H 37 
2 Q 17 ; 5 b 



S „ 9 U o 



■ « 2 w 

CJ"3 X 

d d-« 
3 d 



■"■p 01 
) 3 O 01 



to ij 



i§ >>>>- 



»-26g 
!oa 3 o 



3 3 ro d CO CO ,. 



01 " _ 



j3«C 
d-d I 

03 gcri 

to C0^_ „ 

• S e * o 2 " 

&.2S2°Sg 

g >»2S^02 x 

3 



SJS 55 o 

3< 5 ™ 



25 ^ co 

s-3 3 _£> 3 
~ 2^ 2 



H 0-3 3 3 -3'— 1 
O « CO tn o cO 1— 1 ■ 



den 

OtCO 
3 01 

tog^ 



fH CO 



fc BJGQ > O eg c« 2 

S O CO Ph 

•-hi—, 03 to u 

01 P Jil ^; ,_j J2 _, 

2^3.2^ ffi «^ 
^ " to s o^-d g 

g SPftd °-^ 

.5S3 o-Sd 03 
bD ft o K . o ' b> 

cu^ 3 W ;3;3.S to ® 
X a, tnS^-S cS M 

™ S "*i O -4-> 3 !h 
■P* 10 h tod Jl ,, 

-p> w oT3^"g 
SdO)>>6.5 :0 d 

co ° 3 fc d - 

2 oi! 



CO 


o^"S"co 




S-^ ? 


XI 






d 


^Ss^ 




^ £ to'-' 




_o> „j 





4J ,H .hV. 


to 


ercen 
that 
secur 
tion 


T3 
0) 


pd 


tt ^T3'« 



H 3^ 
'co'cu ? 



Oi CO 

a "d &" ° d 3 -2 * 
■^3 co o "S q,.S "g ca "3 

-^d ^ 4) w O 01 ,„• 4) 

o> 01 Oh_ bD o, _, 2 *3 

gggg^||« 

bOtofti-ois-iCO-i->i— ' 



d ""5-3 ft 

™ S ° « rt ^ 

to ?■ — +J +P 
to ft o) to to 

O pj-g oj co g 



.3 •* > a tu ^ 

•3 P O !h >> 

X-^|-8ft 



JSb 

« H 



W 

*1 
cs g 

•2 5 
o 3 
x.3 to 

WES 



5 ^9) 

— co ^ a^ 

bo a* •*< tug 1 

■Z.S °s^ 

O 3 « 
fad 



•S Sas « 



2 * g a 
2-2^.23 

^^ 

E ^ ® i9 
2g-fl 1 



cu E -Q 

«83o 

i» g a o 

C ca ti.a 

.s to ca 

3 «L O 

«g 



CD 



.safe's 



o co i>^h 

rS fl ft* 

i< o cd 






H JH g Q 

o §.2'a> 
•a m 

to ■ TO ,0 

SCOTS'*" 

"3 H '3 "S 
110 .2*0. 

^i » .. 

o.2 2 



fi co . 
O O nl+3 

■s *_g ° 
8t2-8 

■SoaS 
.SttoS 

54-, o te 2 
o I* ** ft 

° ft , =3 

-M -^ '^ 

§ c&s 

^■2 ° * 

ft la >i 3 
ca'3 a) 



r cS-Q s 

hs c flic 
a) be ft <u g- 

-w -a aj ft 



"3 CS 

"3 to 



2 2 
B ^ * 

co -w-q 



S.&2 « 

32§ I 

•ft^8 I 

Sg>> 4 

B* g "a 

to <x> <x> .g; 

'M "-S 2 "S 

,-n tw ca 

B-^ fi 

o 2 






«^fa&" s Sl2S-So2 c Sbfi 

§o*§g^!^§fc|g 

CO S^Op^-StiriSH^O^ 



"w y* 3 



JJ4 



, 33cp5a>ca<*-* H £ > £>co£&pg-M 




a"" 1 S cas; fi 
S- s2 la g a -§43. >.^f:S2 

.■Si-'-s. « a **• -S -ij^a -a « *.2« 






b£>_,j ^3 

^fi (-1 "Ed 



a ** 3 +3 a> e o .2,-^ - Cr O °T3 ►< 
.fi c3 ;fi .S tC "3 -u co.fi ca ca -w >>+j >-< -u 



•n 


fi 










ft ca 




c 


CO 


a) 


a>i*- 


u 


O 


CD 


<D 


c 


ca 


1 


-o 




s- 


A 


g 


•S 


^3 




-rt 


a 


o> 
3 








m 




to 


^ 


(J 
o 





Ih 










•_2 «« 


fi 

o 


Ol 












co 


CO 


o 


D 


(-1 


ft 

u 






o 


0) 


ca 


crt 


^ +3 


o 


C 


£ 


fi 



a.2 ^ 

i; ca "K 



«a 


ri 


Si 


CI) 


cvt 


IS 


tH 






=1 

CD 




m 


u 
O 

ft 


fi 

o 

w 




cu 





>H W >< 
ft "* 

CD_ 
fi -^ Cl> 

ca u 
co S _• 



-C j3 •-, 
jg cu 



-r co co. jl 
.2 0> C fi 

fi +j -m^3 

O m ^ fll 
>-i -S. CO ft 

■2^to.S 

K § jo S 

^2-H 

*fi 3 O p^ 
fi *j fl 

- i a> 



bpc *■ ft 5 

^3 ff °-3 fi 

3 a g2 * 
5P^.2S fi 






i a> co 



o SbJ 



CD .£1 _ 

>h ® ca 



SiS 2 



rflS- . 
."fi ^ -*-• CD 
!> ^ ° »i . 

l>.Sfla B 

^ CB r „ ft O 
St CD *« 

■ - — 1 o '"O 



ia ca £-^ ^ 

«jt_, ftca cu 

o o ftaj-fl 

fi +i CO CD [S 

£ h c fi g 

ca CD CD O ft 

C +i '-3 v ^^ 

a> fl fl g <b i 

co cd O 2_e < 

ii4 u ft'R i 



^i5 

CD'S 

■5 fi 



bD 



ID h CD_.t;o d-» J OC"fi"fi'^ 

2 gtJ-8 £ 2 ftca^ g,.S fi^ 

l-jsi-Pijf'-gjil 



.■fii- 1 ca 



CD Ol 



• H M*o CO -^ 

"ajca-fiajc 0, C?ca 

fe4S^.2 CO L. 




CDT3 
fi CD 

2 fi 
.90 



.3 £0 ftec?fl-S.2.23ca ft<! o cd 



CO 

1= 



s ^ 

£§§ 

CD'S 
> CO 

.3 S 



a J 

cd t> 



S 



H CO ■** 

"8.3 ^ 

i "co .. 

O 3 O 



IB 1 

® CS 

e »» 



f» 



CO ft. 



S) 



Si"0 

fe'3 



2^ 

2 CO 



co S 

|"D 3 co 
S S 

13 -3.2 

O ° o 



CJ O u 

bOT3 w 
CD -3 



at o 



ti= 

ft_eu 
CVS 

OS O 



"3 

CO 

O 

a 
o 
u 

a. 

DO 

"c 

CS 

£ 

"3 

u 


Require that domestic partnerships with- 
hold with respect to all income allocable to 
foreign partners. 

Effective date. — Taxable years beginning 
after 1986. 


Codify the rule taxing the commercial 
activities of foreign governments, and 
define commercial activity to include own- 
ership of a controlling interest in a corpo- 
ration engaged in trade or business in the 
United States. Clarify that the determina- 
tion of whether a government is engaged 
in commercial activities is to be made by 
reference to its activities worldwide. The 
foreign government exception would not 
apply to controlled entities that engage in 
any commercial activities. 

Effective date.— Taxable years beginning 
after 1986. 


Importers could not claim a transfer 
price for income tax purposes that is 
higher than would be consistent with the 
value they claim for customs purposes. 

Effective date. — Transactions entered 
into after March 18, 1986. 


Do not allow a U.S. corporation to con- 
solidate with other U.S. corporations if re- 
lated foreign parties benefit from its losses 
through foreign consolidation or group 
relief rules, unless its common parent is 
part of the U.S. consolidated group. 

Effective date.— Taxable years beginning 
after 1986. 


Deny the deduction for interest paid or 
accrued to related, tax-exempt parties 
(other than ESOPs) to the extent interest 
exceeds 50 percent of preinterest deduction 
taxable income. This restriction would also 
apply to back-to-back loans that might oth- 
erwise defeat the purpose of this rule. 


5 

V 

09 

3 
O 

a 


3 

_o 
'55 

'> 
o 
*-. 
a 
o 


No provision. 


£ 

3 
93 

in 

cu 
u 
a 

3 

"3 

0) 

K 


3 

_o 
'53 

> 

o 
u 
a 
o 
S5 


3 
_o 
'53 

1 

H 

a 
o 


"3 

en 
O 

a 

o 
m 
0- 
ai 

c 

2 

'tn 
V 
M 

Pm 


3 
_o 
'53 

'> 
o 
u 

a 
o 


3 
o 
'53 

'> 
o 
u 

a 
o 


£ 

3. 
+j 

3 
CD 
to 
m 
u 
a 

3 

'3 
% 


3 

_o 
'53 

'> 
o 
u 
a 
o 


3 
_o 
'53 

"> 
o 
m 
a 
o 


CO 
J 

c 
cu 

CO 

cu 
u 
CU 


Foreign persons who earn wages or in- 
vestment income in the United States are 
generally subject to withholding require- 
ments designed to ensure collection of ap- 
plicable U.S. taxes. Foreign persons with 
investments in U.S. partnerships, however, 
are not subject to a withholding tax. 


Foreign governments are not subject to 
U.S. tax on income from their investments 
in the United States. Treasury regulations 
specify that income from commercial ac- 
tivities is not investment income and 
therefore is not exempt from U.S. tax. 


Importers may claim a transfer price for 
customs purposes that is too low to be con- 
sistent with the transfer price they claim 
for income tax purposes. (See Brittingham 
66 T.C. 373; 79-2 USTC 9494). 


— 

U.S. corporations that are "residents" of 
foreign countries may consolidate with 
profitable companies both here and abroad 
and obtain for related parties two deduc- 
tions for one item of expense. 


Certain taxpayers may unduly reduce 
their tax by deducting interest paid or ac- 
crued to related parties who do not pay U.S. 
tax on the interest income. 


£ 

cu 


u. 

8. Foreign investors in U.S. 
partnerships 


c 

M 
CU 

> 

o 

s 

'3 

« 

a 

o 

0) 

u 

e q) 


CO 

O 

a 
g 

M 

a 

CO 

cu 

V 

"C 

a 

M 

is 

H v 

X 

o w ' 


CO 

'3 

CO 

a 
£ 
o 
w 

c 

cu 

2 

"on 
CU 

H 

3 

9 

Q 


■xj 
cu 

J2 
% 

u 

a ^ 
si 

co a 

+* ft 

t» c 

22 S 



T"5 b 



3.3 

O W>J3 
O, - 



&fs 






H 3 ° 

P -u 

■w X CD 
C a> cj 

P-«2 
"3 Sa 
W« 
fa-r, M 

B 3 

8 " 

3 CD OI 

£3 to 

^ O m 
£2 



gs a s 

Sjjg 

ax •£ 
i_, 0) o 

■o op S 

3 -a 

tf. l< O r 

3 OT) +j 

OOdJj 
5 co 3.Jd 
« h cfl 

o 3 m c 
0,43,0 n 



3 3 
In P 
3 -o 

-3 O 

«3- 

P S 

rt 9 

p "5j 

a, h 



i»5 

"o 0> 

w 3 



CO m 

a o 

Ofrt 
co P 

2§? 



2 a .9 

"-21 p 



s.S gS 

. bO u s- 
3313 co 9 
S Hi HI'S 
PP P «■ 



_ c ° 3 a 
o>2p * o 2 
a ,8 & S3 § 9 

9PP © S 



to" >>Sf 

s +3 g 

2 c '&> 





3 

o 


CD 
O 


> 


o 


O 












o. o 


X 



3.S£ 

5 a/ S .2 

o a>T3 o 

2 3 co 

s 11! 

CD CB -kJ 



■*!> 3 

a> +j 

h o- 

8 £ 

"P . X 

3 co o 

§83. 

~ U <U 

h © ^ 

l« 

tm 2 3 

3 -y 
cu ■-< cb 

3 co ■" 

p Sp 

, co-t-| 

3 a O 
ai a. 



03 



cu'bc^'o 
pPp 2 

spi a 
£glu 

"0,53 3 a3 

■P «2S 
82 «5a 

u* ^ I 

<* 2~ S 8 

O gP 

., (h >h >- ."£. 

8,0 ojo 53 



T3 



O.H 



» fa 

a> bb a, co 
P _ flea's 

HO) o 3 
hB-^-O p 

ucs ?C 



■S.2 c g cj.ss > 

J3-5 co j- c° £ 



2 o) 



>h 3 3+3 w 
° 2 ° c — 
x -h o> ft ca 

•3 4> CB 2 gp 4) -S 

M -a* III 

^^ co F; -, cB *— *t-i 

S-fl S-C-8 to 



!i U O +i'3 



i d 3 ®»i 
"3 0)'cB 3 I 

. oj 8 o> D 

fa -3 +* ■ 

„ o >>% -a J 

Oi f? 3 o> : 

co c ti •" is =< 

3 a ^ „, 

H H O j 

-3 3 o 2 c I 
CB 3 W- C 01 ] 

•S-S-rt 3^3 

Ct, 2 t <- co cB 
3 co 3 

2-B ^3 i 



CB ^> CO 0) CO-gCO 

rj 3 O --2 CU o ,_; 
+3 &— ' 3 -" ^ P 

^ >- ^ +i a - 

^>0> © «, CB 0) S 

"§.S m§ 53 3 8 

- 1 g 0) 3»>> 
U S bOsTC.S m 

o ® c^^^S 

^^"12° o 
23 ^ >< S3 ^"^ • 

a ^ o) St; j)., co 

_h°, §§538.8 



■g s 



3 






O s 9! 



3* 3 

. 3 0> . 

o tfl- P 



8 >^ 3 
3^8 

cr co g 

r~ w „ w ® 3 C 

"g|§'S8ao 



« 8 S 

IS& 

-3- S - 
u 3 b! 
S « ° 

* Oj 

CO 2 

— 3 g 

■a ca ,H 



9 « i 8-^p 

O -H cB 3 d)- 13 

3 u _ o „ 

...3 3 3P 



x-O.STs 3 -u 

g|«S3-S 

-8 •»■!,, a 

S-i t^ O tub <D C 

•S^l£®2 
S'C & 8 S * 

S>|^2^- 

1 o^ 



3 CO -rt _ 

P! "S ^ & "P • C 

° .2 P „!• 3 • 

3 3 "csP'3-2 6 

.3 3 5 3.2 jj 
SJ33j3 to ."H 



J, 1- m-Pffl 
" nj ai « cs 

3;^_0 COjh 

SolS oi 8 

_. " C bpcB 
co . • -y x "" 

3 oj 2 .eg 

S! 313^ rf 

i 5 «. ^3 c 
p » c > 2 

■S k oO&2 

g«)« . o 
O-g-,3 Oi 3< 

X "^.3 +3r« ° 

S c?3»2 >» 
.3 3 O 1 E 3 b 
x S Oi O 3 

_22 x 3 x 
3 3 3 3 Sh-o 

•2 | 2«« g 



P 2 > 3 J< 3.3 
^3 oi g oi c 

to 5S 9 bo-32 

3 3 y £2 3 o.2 
SP'e 3 '3 c-S 

|«g I Icug 

O o X CD _fi 3 

.S ° 8 2^ ."8 

+J -^ O X (-H 

5 "^ O.S 3 



& g >>•- 



O x 



o ,y 



2 § S o'S, : S ft 

}h P 



3 o 



3 3 



IS-J3 3.S g 3 £ 
. S* >i hn 3 

O O I e 1 " u+j 

fa '-^ L* 2 a« b 

^yi^S Jfai 3 
«S 3 SpP 3 J? 



3 O £; +j 

3 C =2| 

x O e 2 
— •- g 3 

> P O — i 

|a*-g 

c p a 2 

a> »i.£ 3 

gtM ma 

a o «i_- 

CO *i 3 3 

gss.g 

-2 3 >h ° 

x P o 3 

3 ■** 3 

•-I bo XX) 

s ^ a. 8 « 

CB S W) 3 3 

6&«83 

«23°3| 
O HI 0) O 






■3?„S' 



0) 



CB 



a, £ 

S 3 

a P 



CBT3 



,8 3' 



co ^> 

O 3 

'■i 3 "B 

3 g 

s- 3 

CD +J 

°^ . 

fi X to 
.9 3 8 

2 8 S 



_S P 



.2c3? 

° x > 
C O 3 



3 & 

-P > 
3 bD 

U 3 
3'S 

Pp 

H g 
3® 



3 

.2 33 a" 

ti ^ h hr 

3 u 3 of 

Mai 

3 CD *"' CD 
DC U X 

'St&oj § 

C! Pi— ' o 



S 3S 

3 ftco 

a c?§ 

3 3° 

s E a 



CB 



CD 
t< X 

Wr,P • 

'H j 1 — \ 

2 S-w 

x 3 c 

3 - 0> 

O fa 



■St. 

o e 



55 



3 
u 

s ,» 

.S? x 
CD O 



■SP 5 18, 

C j 
fa 5 « 



'2 S « 



.3 © 









cv c* 






e S 

bo £. 

s « 

fa 



0) 


CI) 


a) 


T3 

co 


T) 


bfl 

a 

co 

X 


X! 


o 


3 




3 




o 


O 

a 


o 
en 


CO 

C 


£ 


X 

CD 


2 

o 


d 
bp 

53 


6 

B 


co" 

d 


CD 

o 

X! 
CD 


IS 

CO 
CI) 


<2 

CO 

CO 

CO 
X 


o 
o 

s 


O 

"3 


7 


o 


X 


?n 




CO 


3 


0) 


X! 




CO 


^ 



01 "S -A 2 



8! 8 a)^-a 5 

(2 u b-g<fioa 

HH fi s S3 rs >_■ 



OQ SI? 



2-w CO 

S&2 



SJS 213 



x^X 2 cs 

-■% X CD S 

^ 3 CDX — 

• *&&! 

SB 2=2* 

3 ™ 4> COX> 



I £"8 B-fl 



^fi ? 5 



•3 'So 



t^io 



o co bejs sh 2 --2 
8 a els o-St; 



£ >>° 



3 2"3o 



.CO 



- £ 5t3"2 CD CD-a 
3 '3 3. co > e co o 

■2'8-8 0, s , 8§'& 

o S «(_, a) 2 £ 

c at! ° "S 5 * ^=2 
'3 c3 d-H 2 8 a> 'g a) 
^S § g-S.g^ °x: 



£|g:S 

coX 01 05 
■ — i +J c t *-' 

CO CO) 

d d -** 
3 cB 2 d 
i-x.EV" 



*> ^ .x 3d 

-*-*^lf S" 1 35 -. Q. ^H CO * 

,2=3 £ ° S 2 5>-S »- 
to co x 



d 3+3.5; 



c a ^ 



hi . 



x cs < cd -8 



CD 



CO 



CO 



bog .2^cd'o0c 

zr t* _i_3 ""H _£3 f\ hi r, ^ 



d cd 



™ _, b fa x . 



"5 & 



d S 

53 m 5U fll 



— O G G+J 

|£JUg 

1*0-3 

? .S + J co 

™ CD •« X> 
d-H CBTJ'O 
3 CO (V CD CO 

"8 * ^ tS s 



2-B a g> a «T3 - .., 
-° co .2 ^-g-S £ S co- 

_, i-rt — G G TO +^ /-» 

2^2 CO H in CO § CD 

3 CD coX 2 CD jh ,-. 

oXX o * c->>--3.53- 

? co W 2 o go 

> T3 "P.®, 

2-3 c^ 

>,d 3 uc3 



6 £ 






^^^ *3 

em d ,-nt3'cd_cd S S? 



co d 



CO o 



CD CD O. C 
; g K CD _«^, 

? *- CO A co 3^3' 
i cd CD -£ co B 2 o 

-d^-dS_ococog 



CD gl^J 



CD CO CO CD CO 



5 a 



® Q 



■3 * d 

CD S 

.2-^-2 



J3 b 
3JS 

^ CD 



22&d^|2 

" 32 o « > 
g o isS3 o fi 
° ^ S s o g § 

CO r „ CO ^13 in 



bT3 2 



n< h H {D 

ft?> g CO 



OX) Jh 



3 ? .9 

■ "^ _, co d 

<f<J3 d DB 



2 


OB 

c 

cri 




X! 


0) 




SJ 


CD 



C0 = 
X 

O CO 



CO - 



e CD CD CO 
N CD 



CD d C 
£ OB CO^ 

ay; cd > 



gXl CO 

CD -* J ~& 

I « a 

h0)£ 

— d tt 
w co 2 

s- X 



U w e 

3 q 2 

g C0^ 

, oX 

.■a « ' 



co 8 

■"on) 

p. CO 
.SP C0T3 
2 OB CD 

c2 S^ 



H 8* 



»h Si x 

cs^S S 

CD ^t-" O 

>>^~.'£ 
^ d 3 co 

2 5x « 

3 -^ _S 

bx-2 

o33 q 

^ £ bfi 

^.2-3'S 
co-o aj £ 
** 8* 

all's 

J3 «J »- co 

x _, in 

CD CO g o 

CD ^t- 1 9 Q. 

co 3 ~ 
S CD^ C 
CD co^d cO 

> CO Sh 

co bfl 

CD 2-3 3 

£^ 3 

CD J- 



CD 

S «H CO 



5 n3 



is t3^,°o 

^g-3- 



>SU > '3 r-T 

3 3 to u P 
2«"c0 « CO 
2 « 00 ai 3 

O « £ ra'-s 

I 95 a. co t, 



CO 



2 » h 
2«e 



CU . CD 

a ci o co 

"O '3 _ 3 73 

2 co CO cd 

a, d c 3 >- 

^'bB.2^ 3 
■2 cd +3 g 

,cu CO £.3 

r> b 3 en CO 

^S2.>-J 



d *= CD 
CD **h ^ 



3 O.XX 



"e CO 3 

8 2 
CD >>-u 

^^ c 

X 3 3 
3 !h 8 

CO g CO 

X o co 
co 

d cd 2 

■3°5^ 



2.T3 C 3 

5P^ ^^ 

3 co ®5 

2 bfl &_J- 

„ CD d 

CO to 

CD -2 "^^ 

d 



S CD CO 2 



RX! >< 



3 3 



CO co 



-O CD 



oiS d co I 

Sh 3 CD cS *- °0 

cd 2 d 8 2 



Ph 2 x 



2 CD 






x x 2 

t> CD m 

!> _ co 
^ dx 

tS CD 

>>x 



.3 co ^5 

CO . — 1 ^ = ^-' 

^ O C0^>^=S y 

2^2 ^2^ h 

.3 OX O to o 

8 a"*"? c^ d 

CD CO 3 !h .y ™ CO 
S OB-3 ft-B .1^ OB 



O o co ^^ w 

CJ c 2 • m cd 

d co g-g 3X 

■- H S CO '3 cO ** 

§ co a § 

T3^«5 £« 
CO OBOJ CS CO 8 

a §« *% 

CO Jh-co CD CO CU 
CX dX *= rn 

X* 3 co* 3 .3 

co .. 2 d rt 

2^2^-e 
n 2ffi,*o2g 

^ £ 3 co x-B 

3 2 >.U g CD -2. 
>h O, CD d +3 CO 



D,-"t5 r O 



.2 cd d d 

tn co a a—.a- - 

• O. S CO IV , to 

>-) •* O CD W += CD 

O CD U CD CO 

-*-• d Tl — CO Sh J -' 

T3 CD 2 -^.O 



.A CD O^CDC-^CDcgcDCD 

CO i CO CD Oh >h > 

x^Dhts S c fe-2 a> 



CO y CO CD 

_C™j5_- co 
•3*0 — CB 

"^ d co »! 
b^S CO 



m d&n 
biW 



CO . 



> d 
co — . 



CD d CD- 



c-> a> C 

c2 cd -3 co 2 

33 co Jo cd ofl 

CD CO to >»d 



£%% 



CQ CD 



^'c0-3_~. 



Z3 CD r — "tSX CO 

-3 x '-'O o-3.iS 



CO >< 



fP CD tt cdX co 
bfl m co ra, t3X 
fiSjU-H 3 

a u 1- cOjj co 

X"3.2 



cdX 



CD Si 



CD 



B... a .-a cd2 &_co fe-a"« 



3 3 *« &p aT 



O d 



CD 2 
s- b. 

05: 



lr 3 h : 



CO^ O 

tOHJ CO^ 8 



03 '53 3 co 
u 2 o 

d.CO 



3.2- 



&2 *'S 

._, CO (hi—< 

'2 3 3X CO 



i'§3l? 2-2: 



§V20^£S«^§ 



^ 



CD C 
tJ d CD. 



-h^S j- 3to co 85 2 

2 t -Sr° O C! 0) » B dCD 

3 h-S 1 ^ 3c0-3*- a s-3co 

OS-,3 3^_COc0r SCOCO 

ococo co-3'3-SIjhC;cdo 



00 -Ph ® H 

S S08 CO-3 

CO 0?° Sh TO 

rl-rtW CD 

®c2 §83 

_. Sh J; CO 

X'co'O-S O » 

^tsV x2 co 

-w Xi CD <*3 co 

CO tn T3 „ CD O 

, O, CD Sh 1— I 

TJ &h SB -o 

Jju^ CO o^ 
2 co b CD_ CO 

2x I a § "3 

SiScC CO .3, bfl 



X 



« 



^?«i ! 




03 03 




a> 




«•-<" 


&™ 






c 


CD 

X 




h 






> 




o 




ft 


Q 




S-. 


CD 


cu 


X 




H 


a! 


I 


a 


<si 


> 






B 


o 


"t) 


t ai 






«! 


CI) 










o 


X 




« 


3 
O 




tS 



PQ . 



tf 



O CO >> 0] 

, c a u 
■y-o u ol 

_§ » tn £ 
*2 o c 

0)13 $ U 

■3.S S * 

g rt X o 

a 2 c 

S h'Q a) 
» 8 2 5a 

"V-a^ 

O E 3 
co o -3 

5 "3 b £ • 
"S ft ° ^aj 

§ b sp " 

2o 3.S3 
-Sgoco-g 

3.3 3-3 



.2 8.5 



05 



en 



3 g g 

3 S B> 

§ ».s 

©Xj.> 
»g | 

0> IB 

55 a) 

» 3-u 
S c >> 

o) c ja 
a 3 
a> -a 

Q3 4) CD 

•5 S-o 

"o * ? 

w M O hi 

O CD 3 

CS i-c CO 



>co 

2 »- 

ft,£2 

CD 6 
X! 0) 

I Q 



kq cu 



,-o « 



2 '^^ 
-C e 2 _ 
&5 8.S 

tt §£§ 
cu "X5 5 

2-S b-B 



U i-i ft CJ 

3 OS CO 

» ft+3 n, 

S. ™ 

.2 «< a S ft 

Sa * 3 ft.2 

a) ° a cu a 
• > a> co 



-°t2 o^JJ*? °« £w ° 



3 a 



rt cd & 



t2 2 

53 .3 co s- 
,3 co d) 



3 cuX! 

Sxi 5 



, u S3^> 
XXj ■ a^ 3 

bn " ft 4> ® 3 

2. ;3 -p 3 +j 

.3 O 0) S a a 

3 3.2 g g 

*3 3 -w .3 o 



2 - 0) _; 

310 3 3 

o00 to O 

gos co'X3 

-* 8 03 

ft O -" 

g n ft 1 

F7 o ^3 ,. 



gT3 



o 4> 3 

a ^ § 
"'■^ ■s 

O O 3 a, 
0) O_0) > 

cu o cu. 



M J-5 8 

i- S « 
J3 0) O.TJ 

cu a 2i 
•2 a*' 

•S«K L 

&> > «3 

tvT Si-S 3 
10 . 

3 u 



p3 ^-3 



.22 

XI 3 3.3 

CO 5 SL 

.S3 H'fi.iS 



."3 -H 3 CD 

BSCl 3 S 

3 a> ct 1 o 

£ s _ ft 

-3 S 0-3 

3 ■ S >> 

§ ^^a) 



S B 3 3 53: 

f— H Q) TO > r 

^ co,3 o _ aJ 

o C3 5<h 

Oh 3 o CO CJ 3 

0,3 BAj 3 - 
qV° CO 6 
co ,2 O'O'O co 



3 cu 

CJ CJ 

cu d 



ft fi 

CU >> 3 

b a ® a 

TJ t. H m 



^Mtjii «) . -^ 



CO „-U jj 

.2 a ftiS 

U_0 B O) 



--O ^h.S 3 

-H c o ->-> 
-3 rt^.cu^, 

to ^-1 >5 

oj eta 2 

ju3« r 4) 



co S .. .T5 -p> 

2 >^«^ S-m 

£ 3 <u+3id to 



JO in 
0) <U 
-O s- 

g'08 
ft- 



cu.3oD.3cuX!«3CT'3mh OpKMC 



cu *a ^v 

.5 "'S 

"v a 

2 Si-? 

h 3 a> 
O g-3 

.5-2 > 



CO > CO cu 

CU.5 CD S 

>-. -u ^.-3 

CD CJ 0) 3 

5^58 

■- 1 d)-- 1 CD 
co >h Q 
co S 1 ^ 

|2^^ 
-2'3 ^ 

o y a) 

c ^.5 b 

2 ^'S ^ 

43>> co o 

ha 3 a 

« 3 o ° 
•".2 +j CD IO 

X! 3 cd co 



) -_ o a rf o r> <u 

S§,g a 



< -o cu 

1 ^-1 rH 



3 o 

CJ CJ 



ixl-rt 



iTS 3 — XI O o CD 

lillill! 



»xi 2^ fth 



£ cu S?<u 



53 9 P 

a •" 2-w 

— 13 ft 
50 -"S Bjh 



a, ft_a 
§ 2 « 

cj +3 XI 



to -O cu n 



»o O 
"O 3^ 

>>m ® 

-3.2 M 

fl a 
>»! 

CO uji 

,H 3 o 

ft o x 

3 ft 4> 

2 * a 

3^-v 

X ns-O 
cdX! f- cu 

3^ J) 3 

'a-sll 

.a s o> > 

2 * B a5 

XI 0) 3t3 

CO 3 

e H ,, CD 
°XI o F 

.2 O 3 Eo 

|1xS 

i« u.h 



*5 X ™4" hi 'S -A -i 

'3 iS'S ° 3o 
3 3 3 s-^y^ a 
sh u ft ® a v „ 

a 
~x — 
a-^3 



2 > 53^ 

- 3 2 2 2o 
O -.1—' -p" •* 

^5 O g-3 T3 !>. CD 

o h 1 ft <u -3 ??X 
ft o cu xxl 
m xx a >>o«h 

2 <h CD fc [ft* o3 
.So«o5 - 



■ _ Ji he-" 

T3 3 CD 
^! 3 -*P 



co -3 cu 

5 Z 1 ? 

3 Sh 3 

P 3-S 



cu'O 3 



CO 



.5 * 



'§a 



a co o 53 u 2 
3 ft be 53x1 

£-3 2 »2 9* • 

3 cuX 3 O 3 OJ 

- H -fi'* a 3x2 g 



i^ C/J t_. 

3 co 2 ji 

,0 cu a -ti 

a 3 

^ CD *h -P* 

CU 43 o 3 



£ 3— '.y 3 



33 S 3 cu 

3. ax y 
o a 

■2g^2 

ft 3 



333- 



X B 



CDX 



Q, CD 
ftrt 1^^B-3 



333s a) 53 a^ 53S g .2 . »« 
1-1 O E O-S t,-' H 2'0 1i3 >>-. i .-* j 

ftSft-g g coo a S3^ ft^.2.S 



S-B'S: 

a o S. 



-.§&-§ t coo a S3S g,- a 5'- h 
hi 5 b53-2't;P a-e - cu^_<--3 



cu co B j, >»t3 

liiojajs 

•3 2 >>se- ° ® 

-r <-, ft CU o ft 

««-s ft 3" &■ 

3 cu^ 2 "" 2 
^.' rt £ "co ft MS 

|8coBft->-0 

a B 1"8 9 8i 

. B ft 3 +> **"* 



>> 



^a 



"X 3X «' 



^ &* ^'S B -i S^ 
ft33-S boSoXftCD 



©•tj 

ft, 



V s « 

1* s; ^> 

• s ll 



« ? S 3 

© <5j V. 

■~ g a 

-5~ K 

&3 c^: 



« 5a 
9 J 



Cp o 



as x > a 



*"*" 22 

-i «) m ° 

-~22 >» 

3 a) "C 
2.2-3 o 

Q. S-t 



-£ 5 > S 
^ c _o-3 

* to C 71 



<D I* 
> 01 



<a 



CD CD 

coQ 

a cd 
■S«S 

to 3 

"> bo 

22 
o<c 

5-1 

■Sj cO 

e cd 



«> cd 

•S3 • 

■*> CO W 

£-22 



* h *£ S g £,2,2-2 
co 3 a -e o fc >- +375 

3t3 



2^2 <g 



_J3 



« -rt 



O CD 



gP 

ft s-i _ 



S »- c o ft >>cd 



_cd -3 .£ cd e cd "> 3 

3 £2^ftc322Sg 

S S.-S 8 o^co ., s. 
n^2S " 



'fto5 <S 



« 2 



111 .22 lo ^ 
-^Scc « 

3 i3 -X) 

£ C^ 3 

.3 CO 

S'S-ia 

<= h £ .2 
a- is cu o 
P 3 ° ;3 
ft.SQ a 
2 to „ is 

. co«C 1-1 



3 CO 



SI 3 S & -S== M-aas 

® te > * s'S C a>--i 



§3l 



-p e 3 -S.3 a 



u, 



3 s 33 o p 



•&.s 



P»g- 



0) 



ft 3T3 053 o o-5Ph 



22 

a> >>£Q 



CD O 

^2 

O g 
^ CD 

fifl 
O CD 

2 to 

° 2 

ft S • 

CD 5,00 

r. to 1 — 1 
T CO „ 

'. CO 

as u 

Q CO 01 

y >q 



CD CO 



^ 



O „', S-i 

„&£ 

2 « 3 

S 9rt 
3 CO 



£ en ft 

J3-3 tUD 
CD g 

B-g O 
M rt > 

rtS» 
.S£ co 

CO w 

M-rt ai 
" en co CD 

CD C co 



kq to 






2 3 m^ C 



co .3 o 



tu cj CO 
S 3 3=3 
3"0 O-rt 



COS cc^.S rt CO'"^ 
3 co cfl 0) to ,. "S . rt 

C !«'sirt^-rtC0O te 

>, co 3 2> 



i--S 



-s >>l 

O CO 



.. _ !>>« g *• to 3 

S cm- ° * -S T n 

CDiTti.-rtO^tn 
g«S co-S ^ rt 

ST3 cO CO cq 
ft CD to o+2 -^ 
S « « -3 CD 

J§-S 2 co g g 



CD 
m _^, O 01 

> 2-3 

5 cd co is 
o^ a, 

S -° CO 

^ 3 rt^ 



CD CJ 



3 -m ^3 
3 . CD 



rtg:gg&o3o^3 



22 Mci d 

IS^CD^O^ 
° O-rt > rt _ 

rtj x ® co § fl o 

•2 S.3 S ^ fD o 

„ »-? to <B SP 3 

•§ rt 03 CD co 

g«5Sg2^ 

^^3 O O rt „ 

3 a)<rtO aJSg- 

O rt CD ,3 S 
<U-SSB+33tOrt 

S «K ,-rt to 3 

£ ^F C3 -3-s 01.3 
O ft.5i3-3 to o 



■s S S-S 

-3 ft 2-2 

+3 3 co 

il^ 

g, b O 

2 5 |^ 

ft en 2 § 

m»So 
•v, " S 3 3 

S3 * 

co-rt 2,3 
4) —1 354-1 

CD CO -*•* 

^3^3-§ 
3 3 rt 

"S'SB B 3 

3 2 ®-S 

^ a ^ 



i "J A A 

fc to 3 fl 



S c ^ 



""3 5 
.5 3 



O bC 0) 



5 CD & 

^•Sg5fl 

S^J2 ^-^ 3 

03 u.2 StS co 
CD 3 rt £2-3 
s ft«£ §7^^ 

ni -rH CD ^ 5rt 

.2 S§2 



CM 



■« 2 s 

ft o > 



•rt 37J >>2 

CD <f< rt -^ c 
"^ S 3 3 

a> . J3 3 co 

S-' CD 3 ft 

13 J3 



CD " 



3 .3 -rt . 



, o ■ 



"5 

CD 
3 CD 

R"3 
C 
3 



3 
3+j 

_, 3 
3 

> s 
•&! 

CD h • 

•« rt-J 

3^-S 

2 
& 2"S 

a> to 
3 bo-"- 

503^- 

to'fl O 

-si's 

r O .3 
E- 1 O-rt 



^ CD 



O CO 

O 3 
Sh CD 

ft 3 . 
310 

CD 5.00 

rtfl.^ 
Fh tOrti 

1 00 « 
COrtT 

'. CO 

gj rt-j 

e co cd 

RwP 3 



<£; o >h 



i5 ffl S-B 3 gg^-^rt S 
CDrtS'gCD'-'n)^ >,CDtO 

e 5 -1<h rt 3 to to ff^pto- 1 
S°O'gFcD_S b3 > , . 
O -S ? C> M^3 ft 3 S> CD 
"^ m -15c0<t>rtft.2:3 3 

3 ft 



_tO .3 Q 

HI* «) 



"2 t>t>"P cd ,„ 3 k j:S' 
2 22 fc. S &>>oH 



S CBrtH 



be cci 



,t>P2. 



^3 3 rt O 



ft^ 



3-d cO-rt^ 
ni CD a; eg 



-u 33? — * 

•h fl-2 i >>fl » 
3 322 flprt^ajj 

>g.g-|S.g3a.g 

B32-' 



2 s 

CD 3 



22 3 e 

« "> nj g> 
—1 .to 



3 >-> 



CD 



CJ-3 CD 



ftp,. 



^3^1 

C0O&3H3Bft33 ft2 



2^ 
5 J» g2 



rt 3 y . 

i, « fls 
ft c fc 



CO - 



ft—" 



_ CD CD 3 

2 3-S O 

3 3 -w to 



-a $ 

C3^ 





h 










ft £ 




the pro 
unpaid 
anies a 


CO 

to 
CO 

a 

w 



o E 



? g) V gj 



£ ca 



3 ca 



S CO "* & /-? 

ftS<* S_8 



.a to 
ca ci 



> 0)_i 
CO C8 ; 

83* 



0) 


** 


ja 


CO 


T3 


% 






3 
O 


bo 

g 
"S 


fi 


fi 


o 


bn 






> 


XI 



ft ca 
co >> 
H,2 
l. 03 oo 

<U «CJ5 

*J eSi-H 



ft 



~8 

CuQ 



ca -a 



-a >>xl 

CO X! co 

jjs ca 



xi a *>,2fl 






* 0) ^ S 

a* 4>3 

(D^3 d 

a •». Si, 'a e 



?co C 

2S 



xi 2xl 
+3 £+3 

ca m .S 
ou.cu 
-2d 'in 

3 ft «j ca 
J ° fa fa 
h fa 3 a 



co a __ 



fa. -a -3 « «:5.2 



XI 



L, J 0) 

■o - fi 

q 0)2 a) 



a x>o-S 

co33 "2 

a « >;S 
■ rf 2.2 2 

CO CXI tn 

t H fi ° a 
xi ca ft to 



2 ""a 

T3 CO CO 

ca >t3 



>>T3T3 g'O 

"S 93 — 'ca 
2- to fe«g a 

faS*- 3 

*f £ * ^ 

$ a> - « o 

C -a ,_; 3 -C 

2Sa2| 

5 §,§»-" 
SS-&8£ 

|>>8aS 
Sis _2 ft o 

2 x? S <u 

fit co ft £1 <" 

91 SIS 8 

co c3 w- c8 co -S 



>h .a co ca 



CD 5- CO 

XI 0.2 

_'cj 

§ 8 ft 

* 2-2 

3!§ 

CO XI -Jr?iO 

ft ft 2o5 
£ ~ oo 
ft-8 £ H " 

CO 

1.8*1 

-§■5 &P 

<£L'-J3 to XI 
95 o co oo 

^£ S3 2 
o-2.2 



3 bi) 

o a 

? a 

,- a 



&J5 

2 00 
S-ca 

CO 

2 >> 
xi 
E-h o 

I -S" 5 

'. csoo 



ca- 



e § 



■« *> CO 

<£•£ S 

:o u 

CO o 
coQ 



fa-" o ca a 2 
x>^a-2s2 

3 2-o.S 8£ 



03 -i a 

""' ca — 

s^ 2 8 

d ^ 

M CO 

'00 Efi 
o 0) 



a H -* J fts-s 2^ 
8b!a 85 8^8 



• J CO CO (h 



r co,co ca CO"? 

<*h t +i S co 

xixl^x! a 

o ca-d 

sp <b s > a 

■aS-S 



o a. 



o ca a-"-, 

3 !! S 9^ 



T3 



ca o 



£a 



83^S 



CO -M-2 T3 T3 ■ 

o o ca co to co 

a a o co S-S 

ca -o -4 ca tn xj 

s co * 0) ce^ 

3T3 rj Jj » £ 

gca- S d§" 
•"^ co— a j_> 

I 3 , J — < to 
co a> > a ^ co 
«« fe k< ca e >h 

"1 O © S CO 

1— 1 ,3 co u a -3 

ca ^tfn o -^ ■ 



ft be 
S.S 
?, a 



a co " 

OTJ CO 

o fl T3 
>,£ 00. 

a^S 



§ »2T3 d S 

ca o u a o 

p B J a ■ rt 10 

d 



ca.S 



«<3 2 £5 



b© ca § a 5^: 



t: CO >> co CO r" 

= « d ¥Xl^ , 
»^&ft^^^ 
! <» S 8 » ° °, 
>S ft 8S jh|- 

) to o co co la -C , 

' 2 fc d d 2 8 
5 ^a 5 S h, a 1 



^*f< 2^ S-. 

S o-o >< 
^ ^ ^ ca 

S'^H^ d"^ 
d 



J, ft A CO T3 

^3c3»« 
^ ft P 

|^^8« 
g^^Sa 

g co co o 
o.^;^3 '-J3 

5 0)-P o 

8 * 2 2 3 

g d t3 -^ co 
ca co co t3 

■J d •- J J 
co'S 



-M C0J2 CO 

^.S.g ca 

* a 8.2 

°-2-!as 

m^ ca 

30 g<« 

K o OlO 

3 «««■: 



3 *Eh d-S ff 

c0 "O[3 ° o 3 

1^11.2 

00 e.^;^ § a 

O C3 ^_ CO 

d ° d a 2 ^ 

M -N G M ^ . 

ca co ca co s 



03:3 

■a a 



8 3 

£Xl CO 

10 3^x1 



ca . 



;o 



ca 



ca 



d co ca co .3 33 



o g ft 
2 8 



to co o o a 
d-e a u ea 



© S -S <U .2 >h !>. rn . 



_ a 
m ~xl St, 

£ a 6 



— N g CO O 



o a. 



<J fa 



3^3 tt!i-H 
coXl COi-J 



o CO e 
4J CJ d 



. S toO 

' _i » 33 

• gf_| CO te 

.aii 13 bc« 



to o 1 t* " 

9J 3 33 fao 

o .3 +^> ca 03 hh 

a - fi a » j 

£*3 u co © 
3 rt S3 OJ.2^ 

g3 ftxi^^^ 

IIS o| II 

< ca c g £*£ 
a 03 ^tj 



£% 



3 a 



x 5 



.3 o caxi 



is. 



c 
o 
W 

T 

CO 

a 

z 
<: 

Oh 

o 

CJ 

Q 
Z 

<H 

CO 

H 

u 
& 

e 

o 

0- 

w 

z 

es 
P 

CO 

z 



«Xo^ fa "3-= 
"rt «i, 2 3 -r x 
g^-S 8 gg« 

to O * B -S t< 'H 



>S 5-S~ g o 
' e J§t3.S fa 
! S-S-? " to | 



+j ft 3 

"S cO'ot3X!X m 
,2X 2 8 a « 

'2-m-S fa 3 M . 

■r< »3g 

X<*B 



be N 






S 73 i 2> 



c a 



s.S 



P N 



CD 

CO S-, 

c3 



CI O o 



H § " 

co CO cO+3 

3 fa 3 CD-dxf to 



C cOX> 
co a> 



3 n «i 

CO — 
C, 



S _5 CD CD 



— CD CO Wrrj ■"- 

g CO -U . S ii 

o cli eg aj 3 ^5 

'+j 71 'oi o o o 

d 



u fa bxji 



> B d 



■a -^.a c 

Sh (- d 



J53-P DC 

-2 * gfl co 
■£_, ftpa m 

TO .^h CD CO 

o StJ 

jh »xi «-c 

,0 XI # .2 

* CCt n„ L| -- 1 



cQ- 



o 20 

>>E-| cd 



CO ^rQ 



X?& %opi^3 
73Q3 n_ o\^&£ 

g « 2--H .aS *^ 

cp £ ft £ 3 ^ o3 
.£> ffl fa 

? 3, 1 m > H cy 

0-3 3"£2'-j3«)dg 
M bc"o (5 d o 3 CV35 
ft* » C -S^^-S 3 
., X a, ai 3 33 -r 1 X 



3 - S o. 



2? co 






fl C3 O ^ O 

CO fiS3 JS CK-o e 

-° fl P CD^*-, > 

to CO O fa o ' ■ 

SS d^-g c ex 



§. ^a^gTafra 



X ftjS^ 
^8 303' 



■So S 2' >> co "" 






'oX'o 



O CD 



CI) O 

> h 



a 
co. 2 



^g^! 



^S 



e y b ,fa o -d ■- r ^ o cd *- 

3 co ttC 00 d H cO ^ h£ 



<d-.£J2o —"^faS 



- S§3 §S * d 
s2 -S cu - co o 9 as 

^~-^5 •»-p o s ©wis 
&q * S co cd g-Sg; >> 

.2 85&<->u5co 



c 8 S dx>d ^"S >< ^"co «-e 

til -m y * rt n fi 2 w n _^r r-^ d^ 



•5 s 



CO-. 
MSS 



B.s 

ft 7-, ^ °o 

3/ CD -_, 

cu d co .2 

X cfl Sh -J3 

1> ^i CD CO 

3 C S 

'" «"g I 



cd ffi LSP 



0.3TC <D 
ai d S-i *" 



B Sod 






CO CD 



• S M C0_ 



2 o£ g 
'JI&5 33 



d y^S^'-C 8.CD.2 CD 

S^Vi m * a s^d^ 

rt b O B h'3 SX 3 

S 3 CJ 1) 1) B n |> 3 

.2 to a.X-2 CO- 5 > bog 

8 d S d m>, eg 

b ^^ 5 d o g 2 > C 

°.S'g'iaxi D '§2 § 
jj^ 2 s x-^co.2 g,,, 
x-^^^S^Oh 

co o -H .Is 



m £xi js 

Cd 1-r-i 

o >> a) g "43 

"3 2 ° --3 

iJ'Stn d g 

S 3 S CO 

.IB X .; CD tit 

-w o £x Sr 
c x f3 

CU (1) .CO 



S-8 

-T3 



S CO oft 
St)" -2 CD g g 

ftC-SddsSfagg 

e -s co « i 8 S. 3 S 
o^|-o0h go I » 

13CD -"^S-ioKC 



CD c 



CD • 



^2'S a32^ -e« co 

CD PS ffl?E 3o Otj 
bO&d^SCD-wCOXCD 



<«"3 cd cO fa 

■S S.-S CD ^ 

CO ft O-S — ! 
N O O^S CO 

Bl <h gg 

0B+3 o a co 

0^3 B»ft 

d c-2 2 6 
c fa d co 

CD ft.S *j 



o fa d S3 

U 4J CD CD^ 

o %&£ 

no .5 ° 
^,-fa 5P 1 - 

CO CD ^ 

■a ft'c d 

CD 



CD 



ft'o 

OJ jj o 

X ca-3 CO 
— X c 



- CJ 

Si CD 
CD -73 

c3"8 

CD 

>i.co 

CD CO 

'§ fi 

°^ 

x d 

3 ft 
O.fa 



co^ a 



CD 



ft c (-" 

cd 2 e 

™ it! ** ^3 

Lj CO m --h 



"o » m d 



15 S 



S f d 

■° fa o 

CD g a 

S-2g 
S .2S 

en X 

O » 3 

-p ra -p 



ft— 
CD .3 



H & 



55 



OTJ hit) 

^ 53.2 

-2 to a 3 

-a c ,2 "C 

SO -u 
■J3-S.2 



ft g 



ft°l! 

° g 

G 5 to o> 

* S ^T3 

&£ £ 

e £ to 

o to >» c 
o o u 3 

£ o> to 03 
£ ^ to 

2 o— o 
~£»§| 

<! ft 8 
03 .^h .rt 



_i i *■< o3 
C S i; S 
to u +jco 

t^*^ ° 5 

es <§ 

82c° 

•ih b o> o 

fcjz; 3 a> 
to e.ST+3 



-I 

V> to 

ft q 
6 



^315 



to 



03 C J 
■O— '< 

■d a>cc 

S"fl a) 
0)3:5 

■dS to 
3 n c 



|fks^ § 



5-Q 



0) a) 



^35 



c 

ft o 



*1^2^o;2 
oj 03 j- ft-yg flT3 

Ph ,. s _ .5 o a) 

" -^ a) » 5 -r 
e£ g >»ft6 *-S2 

§ 0) g g- 

o) -5 

2.SP"5 S 3 2.2 

~*-£=> 2,-3 g * <» 

^S.ao3o>>uSo3 
i-Ja)0?e^a) n .c 



■a 








■o 






c 


OB 
E0 


S3 


_o 


£ 




o 


c 




o 




"5 


c 
> 


ft 


O 


O c 



u 



o S b 



a 3 

3 s w 



S 6 S' on B 

hi* 1 

>>«£ o 

— ' a 



■5 3 2^2 

2 « £ 
.« « a 

3 O x43 

■ a> g > 



c.S 

Sh 
3 «U 

-^,3 
— o 
-r 3 



a> 



« £ 



3 3 



■as 



• » s 3 - 

F s ft E 

$ CO " * 

S m 2 2 -h 

3<| cd £-£ 



& 2 

Sh 3 



S fc 8 

<U (1) 

i- to 



is 

3 3 

.2 '5b 

CO CD 

■£4- 

a en 
o> 

2 ^ 

H,2 

I -s^ 

« xo> 



55 o cd 

cdQ 



tii o) h 

>43 

<x> b " 

3 to .3 

. " on 

60 a> ffi 

3 x 2 
+3 3.3 

ga§ 

o K* 
»^< 

t3 3 

"m X 

2 3-3 

03 *® 

x s- 

-M tO O 

a,o<2 



o>t3 3 
2 *=« 

§«ra 

3-mTJ 

5-2 s 
'So' 3 

■° 01 

JO 



eg 



-3 ftfln 
r! rrt -—J ^ 
3 • 



3 «> 

_ 3 

o a. 

•? * 

£ a> 



"i.23.2 



H kT CO CD e 



11 



E32 
s|§ 

2 3 I 

■9 

tg -W CO 

' « 3 



l- * Sh ftc, . 



o <« 



Oh3j3 
3 ffi ? hnE 03 

BO 2 

■ 3 o — 



3-3 
o 
03 



31-* 



to m 



>> tO _-, ui 

33 'i m 01 

* 8 ™ 

a) w in 

.3co< T j 

S cS-S.S 

cC > aj "c 



h o> 

0) to 

Oh 03 

JO. 

to"" 

43 T3 



3 


CD 


O 


a 


is 


01 


>> 




3 




03 


> 


a. 



i*. 9 s-r 

03 01 J3 > 

Ch U O, O 0> 

CD „r- ^ S 

0) ft? 03 S 

S C $ * 

§cm to h 3 

3 S 53 
.3 ca 3 c- -^ 

ills' 8 

l3 35'O'tH t< 5 
^Z 03 » ° 2 £ 
« 3 CcB ft 41 
w CO Sh -U 03 

d 03 CflO CD 



" S 



co nj 1— 1 



-3'Sb 

Eh cd 

1-3 



tu o> 

•S3 . 

■fi 03 10 

JS-03O5 



>! en cd -a J. *> ■ 

•^^^12^1,0 

co cd 03 ^ Joo 

0) S-t,., CO CD > CTS 

^P§§- Bio 
to a'"~';3 o> 01 

„ ^20-20 a 

t 2«2'-^fl3<aJ> 

i|ifti <u 'sg 

fll . ^ fl M ill 

„cll 2«2 to 2 

CD ^3 03 3 >T3.b 
S^ «-^^ OB 3 
3 3 bee? o sh aj cr 

« o3 So 2tj| ■ 

^ O.S -5 01^3 — 

OJ3;-«CS 

hJ coSo S C 



'co 03 

'> bX) 



01 b 
-3'sd 

Eh cd 



C3LO 

XI 00 

. C8<35 



^ 



CD 3 O - 



ft CD 



|ja 3 



OeS&3«<S«S.3. 
cd 2^ 5o3^ -•* 3 

sf s 2 030 a <d 

2 =J M 1b-3 S 

3 E — -3 



ft 3' 



J-2J-C P 



S-SS-S > 

5 cs •- -u o 



O to 



a 03 3 

S ft >>3 S CD _ _ 

ScC>$' H gH 

3SO cd _.S B -1 

2 3^ '-'S a M^ 

-3 coil „, w CS^ cti 



3 B 

3 

■S 03 



8 «Z.3 
3-0.,-^ 

-g^2« 

cd o S o to 

! 03 § S -3 cd 
' cd 13 ,„ 3 a 

' y .£ r! s _, 



03 _ -3 CD ft 



cd-o H 

' 3 



EEbJ^.S.bScd 



O o 



^ 



_2 CD -m cB co b 



3 03^3 § s 9, ® g- 

OcJ 6 3^3-2 Sj3>Wi 
^cD-HcajaS-aajto 

ft £ o -JS.b .«.ticg 



S a> 



& - o 

•^00 W 

Q Oi o 



jEh-S-O^h 



M 



^^ 



CD "3 



ftpcj 



3 — 
^01? 



co -Q 



ft ft'-: 

sag 

o> 01 ,2 



0> CJ 

ft& 


03 

CO 

O 


ft 0) 


ft 


cB 


CD 


O 




J3 


ft 








3 


3 


< 


cflK 


03 


J3 


Of 


c> 






CD 




J3 


uti 
















O 


y, 


CD 


CD 




a a 



CD.i CB >H O 

U e ™ cB *> 

S S 3 2 to 

cB JD ^ >i-u 

2 co » _u 

hh cB J3 -w -e 

3 s-p 3 

■3 o 3 S 

cs . o r2 T3 



P5.3 03 3 
O"^ 1o 

CD CD CD 

CB-B X! 



S « K 



i, 01 01 i ^ 01 
E >43 S CB- 

o »r 1 — o cd _ 
8 S _ u >>2 

5 ?5 oj^ 3: 
£ « g 



2 _«> .5 -5 •- < 
«^^^EB^|2^St|f > §>§ 



•-.a .a o 

ft> y o. to_. 

II § li 

o"° r'8 E 

Sh ,0 3 .3 

S-^-O CD 

^ CB 3 O— . 
^ 3< - -2 

o 3— S 



- j3 °J 2 o-o o 

3 Kt3-3:5 ft g 



3d 



_ 5-3 



s.go-g'sg&g-sa 



Sh CB 
CD 



cfl- 



CB s- 



■3-' 



CD 
CO CO 



CD 
01 o 
3 3 



o> o> 

cb^ b h .a 

3— < jS 

. CD -H — HH . 



.3 CB ffi S 
! ^ '-3< 



0-Sj3 to cBTj-a 3^ 

liii^tiil.fi 

S SoCD'TS O — j- 3 s- >> 3 

-r-l — 1 O Ah 

C3 



^ $ 



Xm-. to o) * -s £ 3 3d 3>i;33 
ffi 0^3 SHtS^ ftcB 3 ftZ 3 



BJ 0)-^ o 
-tiB o>-^ 
2 3 § Cr ^ 

a 2 2 

Sfi 3 

Sh 
ft S 



ed-S 



CD 



E 3 
3 CD 



CD 



->- > 2 _ 

>,0 CD -3 43 '_ - 

«'f'0£ e R-2'2 

-H CD CD b O " 

to 13 Sh ft „ a CD 

| ^3-3 BO S 
*? o <U 03+3 O 

, 3 H Jh -H CD CJ U 

^2- s -2E3.b 
2 E a <~<£ 2 tt 

ft § o aj « cd 
. fe§ c fl E-3 

-< B ."3 o 01 3 — 

o 2*3 s >,S.2 

o 3 +j a ft > 



43 3 



ft s- 
3 CD 



3 5 
0) ft 

S cB g, 

-§ I g 

CD .3 O 

ft B 

03 n 3 

2" *h 

O E 3 



ra '-5 



QJ d) CO M Tl 7"j flj 

3.S 1 - 1 tt -3 3^ 
to -TJ S — to 

C X Sh g H fl 

• 3 ro cB 5 ., x.3. 
o aj 3-g-g 

>>&b "^x a cd^ 

33 „ 01 * x -B 

3^43 %"£ 2 2 
S - :-"^^ ftE 

12 jj 3 ft Sh O-U 

S 3-32t«l 
^■3 CD .S ^-h 
R>_cb sh 0> - ed 
s-^ S-73 b'SS 

ft w rt 9*" o 

<||2Jg1 



4 Sh CD 
) O-TH 
J -O- 

5 -T3 3 

3 -a -2 

. n< ft 

' ^ 3< 
- g 3 



°43 

a+3 

x 3 . 

g o3 

-3 ^ 



-3 S £ « t» 

>>-H 

CD 3 

5 o3 SP- 



CD 



CD X 

.3 » 

rn x . 

Eh x 



;« o> ^ 
ftl 



-3 OJ 
342 

Sh 

_ o 
3 o- 

o a 
= 5-43 a> 

5t! 



ft£- 
".9 -«8 



E a, 3 «S a s 

043 C43?^ a 



Q-3 B 



43 33-43 2 B S- 
o bca-gfc o 

, - J « CDh-i > ■ 

t, 3 x O s- 

ST3 — 01 ,3 

^.S»ci' 
a a> g43 cd 

3 >.ScHh, 

i34?ft JS: 



gEg 
S-2 

0) r Ti 

0> jh -" 
43B - 

3-3 3 £ 

2-2 ed * 

343^13 

^ x a, 

" b x 

3 3 



O 0) 

„43 
43 to 

.2 "3 
43 ho 

£.9 

-|H> 

a is 



03 P g 
>> S-. 

x oj 

E2-S 



43 2-3 



3)33 CD ffi 
E-3 >43 



-3 .rt t3 
+= — - CD 



-w"3 * 

» 2 3 
a taps 
o g . 



CJ 



H o 






1* 

a s 




D.-S 3 ij-g 

•3 >-co 3 
a>*<2^8 
■" „> ,„ cd co 

<S> B r* 8 3 



0) S-. 

> cd 
•rtXi 

" 6 
« o 

(V CD 

2 Q 

"^ Jh 

s <s> 
.2*3 



(h-3 

a c 

I CO 



4) C (h ai - 
£ 3 00 cd i— I 

^•SJa "* S 



a-g 3 6 23 

0) Off 0) fi a, • 

Hi? a 3 .39£ 

,, 1 H !" D^H 



CO <L> 



cat- 

.as 



a «« ca 

*-P o j 
",3 Sfih 

CD Xa J3 CD CD 
CD P "-B-S 
-w g+j CD o 
CD -SO"* 3 M 

j* ca g CD a> 

■fi^.g-fi 3 

. a" S-* 3 "* 3 ^ 3 

w O CO CO 



i S 3 § 

r* cd 



CD i 



«;UJ.s $ 



&~ §"3 
M ?<B 8 H o 8 

_fi -^ fi CD*3 *^ 

■£ otM >>? g-g 

■* 3 o ^ __ ? J2 

S^ S^-* 3 ^ 3 

" e fi n 3 c © 
- 3 8 <g 2 2 C 

« " S"e3 S S-5 

O s- 3 g s- CO 
*j -w +j ft+j .S 



!ja 8 

fi t'TJ 
^ ° p 

* gT3 cdC"* 3 ^ 



C3.fi 

a 



-5-S--3. 



T3T3. 



CX cd 



s ca cd-* 3 3 



8 
ca 2 



3 -rt ra u.) 

o 2 2 8J3 g <g.fi 

S«2 J ? 2 „.2 
ca cdJ2 cd 2-3 

ft >h m"-^ ^ en -3 o 

<;•§ o-* 3 O^-g^, 

CD HH -(^ M *pH O S 



_o 1 — 1 ^ CO 
■" £> 00 J3 

_, caoi 1 " 
t3 ^ ^-i ca 

3 Cd „t3 

& 8-2 
&3 «.2 
b 2 CD o 

2 ai tn m 

C; to* fi 

o ca 3 10 
'.'— 00 

*S--j £5 CDrH 

e ca.3 u „ 
S«S'B.S fl ^ 

"is Mel 



CD 1 *; IB CD 

C .CD,rl 

'3 ""'S *" 

o 1 ^ ts o 



3 i: 

CO ** 

1 



S-£J3'> 



CD- 



CD 3 ft*J — ' co 3 ca 
>h CD fl 

-o •£ o ca 



.s h ca 



*- 8 
cd ca 



2 _fe>.S 

So i 2 

g-r; o 3 

S^'g, g 

Q. O C 

o, ca ca 
fltS-g — 

-2 e ^TJ 

o u 

" 3 



- ■ -2 § a "S « 

t«-3r2-S'S.2 CD 

■a § p cb3 g-* 3 

rt cd ca 

-k 3 U ¥ o5-u 
CD> 3^ 



CD O 



8 ■*' 



■ 



K) 



%&Sa 



r O--2 ^ 
ai CD ca 

H CD 3 



3H 

ca • r 
.2 » >> B- S 

rt CD t3 fi 3 

ca « to u « 3 SM 

0<_ CD -2 > S* 

s glax g 8 g 
.2 o g - 13 -m 5. P -2 

3CD-TJ £^3jj3 i*-. 

cd fi-g.H 3 aj g oj 

^ S S to ot Sfl 



aj 


Ih 


Xi 


CD 






T) 


ca 






3 


be 





3 


^ 


3 




3 


CS 


•a 






ft-Q 




Sh 
Oh 


Sh 

ca 




CD 





>> 


-3 




H 


CD 


| 


.£2 lO 




caoo 


B) 


f<o> 



? > e 

8*" O CD 
CD O 
i*3 CD 

t *- 1 /-\ 

cdQ 



-c3o|S.^> .| 



„T3 



^^-8 2 

-^ ■*» +s o< 



.rn«. CJ _ rt i«^ IQ 3 ^^ m-i 



g.3 O*^ 



-3 

ft |gi- sS 3cS-§ 

p^CD<»teSP,_,feS 
fe «i ftXi >h 23-5 CD 
a 2 . JfiSl'S 
t>-'c^? = 3 ca ft- -? 

I §-3js 9 e-o) 



3 

ca jo 
ft'g 

is 
•I 

33 



SJ^^sa-* 3 
3 



cd ca 



ft.2 




|| 2 8 

0) o 



O d 3 

■p3 d O 

8-8 jca g. 

S-^rS to C 






H- fi 



CD^h 



5 2.8 cd^< 

2 T3 3 -3 CD 

8 fi -^ -*i 

C3 CD CB 



!-s » a -a 



ca, 



I ggg£||.a I S 

fi fi 3-3 ca 3 <a,3 
^-fi>2»>^ 



o.2' 



>, C .H 0) (B in 

+VB-3T3 ca CD 



w 3 
CD "3 
X CD 



313^ 

* 2 -a 

fi ° O P o 

-3 a o bb-H 



>»o J2 



5*5 

■030 



>-a'j; jg 



CS 



>- e 
15 g 

CO CD 

Ml fl, CJ 

o o « 

J is 

Cu eg 



II 



&«< *- 



■8 

I 



CD 

3 ^ 

2 c 
o-2 

■Sxifi 
."3 cd 

M 

J CD O 

■3 U 



CD U 
Xi CD 

<£ 

2 rt 

3 hD 

-h c 
ea-cl 
ai 5f) 

ftis 

(I) 

43 
'. cSoo 

■S £°> 
« CBl-l 



"»t2 . 

fag 



£J 



gg- ft-gs's 
8 tal|ol 

i'SS j) © cd 
I « £ <a W^ 

Co q. ^^ir? 

— « -y c! o +> g js 

2/£ §°-'g s ^ . 

5 > -So i* -s ^ <u 
^^.^S „,+> be 

6 3 3-3 .. « 
ft 2 "S cs ag o ~ 

■S 2 ° -^s XT 3 



& 3 3-3 _* 2 
ft 2 "8 cs o.g o ~ 

■' '-'~ «_ cs_ 

.56 ° x" 1 fl- 
*r* J5 (h cc rr< cd c 



o 
■S5 



xi cd 
2°3 

§3 

« 2 
.2 5b 

[0 01 

•p-° 
gg 

a as 
a> 

2 ^ 

I. cSoo 

H) S«S<35 

« 3^h 

to cd o 




cs o.« j* p, a> « c 



fc* 



§ S rf 



o f-> jo S S 3 "— 

ft.2-2^ .5 S> 
"J 5 ® Is -2 2 ,a 
^ociSbs^ja" 



JH 

43 "ho 

H cd 



£?3 




-v ^^J 



- r g »•— 4) _ 

cs * S c g a> 

h« 2 tit)* 1 3 

3 2 2 * fc 3 3 



C1JIO 
X!00 

CdOJ 



^d 2 '«B 

CD <3 ™ -S 
ftpL, (1)^ 

^ cd'S o 

§ «2 1*8 

>■ dm P. 9 



Oflg 






-5 a o^= ° 
"3.2 gxi^> 



-2^ 

Oh 3 . 



C C 
3 aj 
S-3 



3 ho 

c 
fe-3- 

? 3 

-H 3 

S'S> 

|e 

ft« 

CU 

2 >> 

Eh 01 

1 -£"« 

« C3^ 



«>e2 . 

til <D U 

^^ 



s=s 



3 5 ca 

■^^ eS 2 

2 hi o ft 

to S 3 



3,2 hC 

— . o g 
g"S'Eb 





CU cSio 



CU 



ca cs- 



2 

0) ? 



43 LO 

Eh 

"* sis 

.tlM 

■« jj (I) 

ta eas " 

^ _e s a> 




S g 
5b * 

BO 
•JO 

S o 

s-o" 



a3 2 § 

ad ft 



hr 
"cs ° 3 ft SS 

"3 CD fl OX!^^ 

3 ra ft s o 
<u to >> 

te co T3 § en to 

5.2 2.2 8 

CS CD !h cs K 

&-CS ft 
§SrS|.g 



«0 CO 

CD o 



CO 43 

CD 
CD 01 >> 



Jh CS 



S 3 



ScSgcoai^-S •732^0-5cDO 

r2 h- -9 



»"0 i; 0) fi i CO 



o cS cs 

CD ajtn +• 
S 5 *? O >H 

co cu tC3 

CP S S & 

U U « <D 



3 ft-rr 



43 = 



h o 



CD, 



"cs °_-g 
>>°^S § 3 



i3 +3 CM .3 45 



CScS^ 
CD CD 3 
>>T3 3 



m ^; x 

>— , 3 0) 

i— ' co fc< 

CS43 



!2.1 



ftg^ 
ftg§S 

cd &©•: 



■f? aj CU43 
g43 S* 5 3 

§ £ Gog- 

o .3 co 

S» 3 % 

" H S h u cd 
-3 3'cd ^43 
§3^ ffft 

co , — i „. o '3 
0)33 CDg43 

gags* 

3 cd^h 3 
O 43e«- i< 



2 ft O- 

2 2§ 

ft .S^rfgfa^i^ 

5b co « .2 "2 

2 2 3 g § 

Bo$3feS 



co <t> '*- <™ «(H 3 



3 o.2 oo 

X CD "3 CD ^ 

a ftg ft 3 
te o3gl 

3 3 CD O 
CD*" cs _. 3 



d ji ", i ^< co CD 
S co^S g M -3' 

&3 £ 9 2 9 
.2 3-cB_o-2 «< 

fio^ 3?< 
■S -e S 3 ■£»■§ co e 

S U.-1 c« 3 0? S 



" bb C0 4J 



C3 



3 o co 3 CSO S 
£ 2 ? O-^to 



O 5 " 



O CD 



CD ' 



CS O 






1 O co 






»ba M 33 o _ 
o^ c^ 2 a; o>-2,§« 



fP2>^3 4)34333- 
>ClPOi3 bCSHCSco.SO 



C-M— ;42o_S_CD 
4) C3 43 3 c 3 3 343 



2 Seo cs § 

Sco Is 5 o 
CD £ 3^4J^' 

_3 &«3 jfS*©- 

2S-3 
o cs g 



£5 
,Hr 3'-i S 

3 3 c 3 " o 
^S co cS 2 -13 jj 

65«<-2 

co 3 h « 3 
CD -3 x^ o 

'S SS^ 2 2 
3 a>-"3 g 2 

&B.««r-J fi „ 



co e 
CS 3 
-3 P 
fttfa 

.2 CD 



ft S.'tt— " 
g °.2 a 



CST3 3 



fi M °cSUE 
o g 2"o.S 3 . 

-3*8 "» g G | 

3 -a .2 * .-a 2 

3 9^-egag 

62 | 5£. 

cS B45T3E-I6 



g4^B 



go 



« 2 
cs-- 

CO 3 
CO ft 

.2E 

o 

co 

•2 CS 

cd 3 

3 3 



o s 
CU o 



CD CS 

« E 



a, w cd 
E oS 

CD.- CS 
X "£ ft 

"sE 

•o o 

■3 CD u 
,™ 'O ** 
'3 3 
CD 3 

cs E 



u 



.g«*:.g sa 



u — «/3-.2 a> 

§43^4j <=■ 



S£ * 



m e -C 

.2" H S E jj a> 

u to mi « co 

3 co s- a) Sh 3 



co -rt pj .3 cu 



c 5< 



4j S°' rt S 5 is > 
tu r-T fe - .13 "43 

' r-H CU 3 "iS 12 CD 

H CO rj 3 ■** — ' g. 

O CO ^l CO k,. rrl „, J* 

PcudS > Ba>o 
£ o'S O^ 3 g43 S 

g cd S 2 3 a> 43 d 
85 >><d o fl-g 2 

rt -^ 5 OS +> ^2 _5>43 

M 2 ? o ca n - 

co ~ ff .g g g cu g 

eg >> 3 — ' S - g o g 



a.g. 



.g&.ssssg(2 



CD 



§"■5 go 

X cdtn^ 
a> * o js 

J 3 4>-2 

o _ «.g 

ij O <n 



>H (J) 



^fe.g 

CO B c— 

g.g o^ s 

f^-B g ° ft 
2 § 2S g 
*> c co 3 g 

co "to CO CO CD 

S.S fe> — .13 

CO +j ft - C 



-g s 



13 CD 
3 c 
111 d 
3.6 
X O 
4> t H 



3-" 1 g -s « » 

=*- 9> a S > « 

caT3 3 -B *^ 



O-S CD 



CD CD 

3 6 



5^ 



."S c 



BO 



bD 



T3 cd^ _S 
41 3? 3-- 

^ g e § g 

CD X'" ' 



CD ,3 H 



3_ C8* 1 « O w 

.„ § *<= r J" as 

— ' CD «<M *J^"43 

co » ass's gc 

••h ^, 3 -3 ™ CD 

^43,22 ° CD'S 

£>£ - g .g -g -a 

ir'V co » rt o cd 

« d m 



CDo 



CO o CD ffi CD 3 



Oh co S h 



S 3 

"2 8'fi S 



3 3 CD 3 fa g^ <"-* 
3-C^5-3 Si CU Ph h co 



+? CD A 
g-43 cd 43. 

-h"B •-§ 



i ca l.a 



3. a 



-M CD. 3 CD JJ 



co ~0 3 

OC«C 

(1,-rH 0,-rt 

O . X co 

ft J ®J 

J» "I '43 
-t^ -^ Sh 3 

3 « CD CD 

(1) g-p 

■O CD.g Si 



CD'S 

o 

CD CD 



p-.g 



3°^ 
3 cd "3 

° 3-3 



a •« 



Si-Si? 

;43 






3 343 g c « v 
CD_o 3 o -rt 43 g 

43 3 >,fc 3 co 8 

co •-; 4? o cd 42 c 

CD 0r 3 _ e cj .3 

> £ 3 g 3 cd^ 

^^= «.a >; ^ g 

3 +£ 



H<.3 cd 3 oT 3- 

iS Ota H-3 CO, 

<D 3 - 3 3J » 

,3 a; q42 d 

-^^3 43 y 



j, .3 >> co 

r< -3 o 3 3 

6-°. 



s.g> 



o p: 



cSg^s 

(^•IH O 

2 S 2 c 

2"co coi2 

3 0)- M -S 

3 -tJ ft — 

03 3 X .3 

43 3 3 



d CD 



i cd 4j 
bu S- d 
d 3 CD 
43 



3 oj ft n 



ft CD - 

" 3 



Q 2? 



►< « S'3 S cl S s 



a) to .3 

_ CD CO 
^ « O 

'S g 43 , 

3-^0 



CO !h 

to nu. a) 
S CO. "43 

J" 1 -pH 1-, +J 

Ch 3 CD O 
co "B .2 m"t3 
«S-g ft 3 
ajgox 51 

S-s a J « 

3 co -*-» hj 
3 CD CD CO 

03 >-s ^ 3 



K i; 03 r-j 'J3 .2 Qi 
Jh i — i O +J 

+3 += C *^ rt 

CS ca o <*h o 

0)J2 343 co o ca ; 

SSS 2-2-2 fen' 

EC ft-Tj "tT\ tn ^^ 

_, 0) 0) c5 41 O ffl 

13 ft-O Im ft ft ft. 



CD O CD 

•H CO L, » 

2 C c o'> aj 

43 W ou o £-3 

— ot a <u S 

o K C [D i3- 

°-3 CD -3 -^ 

03 43 .. 

-B" S a> >> 2 3 

5j5-43 g.^-8. 
co ft§ o o e8 , 
■3 2* fta 2 

■hSb 3 43 

> g-3^3 a-**- 

2t2 . „ CD > <-, 
n ht f bC co .,43 



IhS i 
CD 43 co 

.g^^r 

- CD- 
■ 1^ 

2 * c 
.5 O' 

co co , 

§ll 

C M G 



dt w ^ ^ 

24=^-2 

ft c 
--Cg 



ct^ S " 
3 ft ft a> 



g 



ft 

CO CD 



3 
■73 +* .. 
ra 5<h „ ... 
i _ |C D°a>>OcDco 

ga» 
■ J 8- 

c 



t3 843 

-a cj 



CB jo 3 d cd 

ft.-B - rt g -i 

H O d 3 2 
CD CD 



43 cd 



ss&a 



a> d43 

c^-3 

43 °^ 

co .3 
CD ^3 



a O 



"S ° 3 ' 13 

^g4l 



fe ^h CO 

3-3 ffl 



o a> a) 3<h M 



■S s 2«J 



ill 


-3 

3 


— -3 


+J 


!S £ 


3 






-3 ra 


3 


3 +j" 





c fc o 



o^^a^ 

CD 3 !-< 

t5 43 ft-O g 
CD j, X CD ft 

cu c5-gT3 
4S CD „ g CD 

.S g^43.B 

<D +j . C 

|S 5 -g.a 

CD f-g-gU 

n, "* ft CD ? 
ITco . p 

^ O CD •"* 

43 >«ih 



cc 



a> -e a> A's 
6 S " 
8g-& 



3 2 

ft fi CD 



ft C CD CO^O 

C ? .2 -a -S -° -B K 43 43 
rt 3 !- 43 c«5 a>ir5 o--h 

3 ft g.a g 



CD 



. . CD 
O >> CD 



ft U ft 

O CD CD 
ft42T3 



3" - Ss 



3 



I g CD 

' ! 33 5 d 

ftc §^43 2 an^i 



3 bp 
CD CD' 



CO- 






8 2' 



g^.gt3 o ^043 

4ia§.g8g^£ 



> CD ft— 
C-3 k»CQ 

i- 1 3 g 



>43 

ft^|.S43 - 

8§.2.&*S 

43 43 



g C3 3 co 
PCOOO 

,. co 4343 P 

^ CD CD -u O C8 



■B-B3 



_. C CD 'o ft 

^"2 is 3 C w a> l. 

«<-43 g 2 5 S x 3 O 

o 13 ca d a.43 cd ft=*3 



g^l^g 

cu- S X O 



a 43 g 



£ >> 



CD 3 
? 3 



-h CD O O 

.2 -3 — 

CD—, 
co 2"3 3 

-^ "B 



° d 



ft C 



CD 



c2 ft .. 
xo 

C 30 

o -^o 



^J 


oS 


CO CD 


3 


3 ° 
43 X 


T1 


u 


ft CD 


CD 


ft^o 


o>.g 


CD 
43 

E-i 


o 


g CO 
O CD 
O I- 



2 a c 3 



O CD 

3 > 

O 

c b 

.2 S 

3° 
s^' 13 3 

^"3 ■- 
CD ^3 

o co.B 

ft & -5 

a> B rt 
co 3 co 

3 1— ' - 3 
CD 43 



.B CD 

a o g 

.5 co R 



«« 2 S 
o c w 



- 13 2 "S-^ « d. 
2-S g o ft 

43 C £ 4jt3 (-( 
- 3 ^ CD ® 

uB H 33 

??+j Sofia 
-§ 45 - 3 ■- £ 

^3 ftO co 

» 2 gi^ 

£ S ft a) [3 13 

■SgSftSl 

Bfe S 3°^ 

d a> +j *" x -w 

* ^8'^.a 



8. a 
> 



.._CD g 

r> d 2 co 

h-= ft ft 



&-&^ 



2 3^ 5 43 S 

43 u o 5»h 



« 1) o 
•=< ft c 



C >< 3 



243.2^8 



.g o, . 



fflcj® 

2 a> "B 
gl 

s > 



5 1 o^ 1 c 

3 jh 43 

° a o£ 
6c«g 

>1 CD h « K « 

cd g cd a> a>^j 



■B 535 

|ft88- S 

S 8 6,89 

co g (D ft.3 



\ 43 3 co 

If II 

co — o CO 
CD 3 
-43 



S©* 



c q3 g 

2 « 8 

8g^ 
> o d 
d 2 cu 

-.gg 

"S -u CO 
g43 



cu 

43 o o 
3 • j3 -j3 cu 

o eg .2 ca 

h O O E 

ft cu 43 

- CO h 

<D g^ 3 O 

co'*- C 3 
"3 d cB "3 

c.3 d 

CD 3 >. O 
■3 bc4?o 



cd cu £• ° 
42g1a^3 

£.2 fe 8 u 

tS.Si u c 

5 8-^ 

O g 3 C-3 

4S 3 3 CD 
« i *J CO 

co - § ,g 3 . 

S »-" ^^43 CD 8 

Jfl) J] HCO 

a>43 2-3 3 d 

S -ti .5-3 a> 

^-r's c ft 
a> -B co o x 
co oo 43 3 ■ rt a) 
C cd be % +> 
CD co -3 in 4i! e 
ftd g £ ftg 

CD ft co CO C 



,3 0) 
S 3 P 



J3 CD tt 
-^43 ira 



C co 

_ CO. 

3 CD 



•2,G x 

-2 2 s 

ago 



EflS.S 



s c 



B S 



3 CD 

45 O 

S . 

O rH 



2: ® cd cd y aj so cd^ 
<u us S S^ ^ s 5 

O DCO- rt o Btci3- r -\ 

CO CO '3 -^ CD , jj; 

■« s* 0J -3 „- C_-H" 
m to O o X. C •- .2,":=? 



„S 3 
co^O 

,« So-s 



p « ^ 
w -3 CD 

™ c* 

11)" c 
,3-3 a> 
E-< * 2 

3 C 



,o s 



.5 m m -S 
"Ills' 

<U Tr, £ 3-3 

fflLO-^ 3 ¥ a) 



■3.10. 



^ cd 
cB o 



II 



>>3" 

a> a) ^ -^ $ £ 

■a r a cb.-2 tn c 
3 3 a>-fi ^ 5 



-Q'O 



V 


y-n 


-a 


3d 


cs 


b*- 1 


>> 


rt 0) 


C 




cu 


a; "43 


U 


C cj 






3,3 
II 



■ -o <u co a> to 
o5£:5&SS 

EC O C* *^H 

*"• £3 T3 '"" ' -£ 2 



« 5 S «> so mr: 



, S £ a> 3 



X! O 



•3 "3 



3 CD 

■I § § * § a 

"S «3 « - -h *. 



oj ca „ 

h sa 

0) R . - 



0-9 



-3 aj tn ■'Eh 
3 as bo 

CO B m, =r . 



3 C-i 



o-b 



CD 



so ' 



i ~ 



■^c 



cS 



CO 



0.0 



£ c 



p3-a 



e ^-a 

£ ca 8 ^ 

fe <»j: ™ b as, 

Ph 0J O n. oj 03 

S 8 ScS i) &b 

.H co oj q^.3 JS 
3 OJ o rt 3 S 



i s>-8 
.a-§£ 

_ ><05 



33-§8»C-§3° 

^c5^co.S»™-S 

* ., ji.S 9 P 5 

8 >»g>fe §"§ 



aj c 
c s 



OX! 



0J OJ 

" E 



fe3 2 fe-S33 5. 5 o S 



03 e 5 
HUB 
J3^3 oj 
H 9<S 



cd o 



o-Q a- 



3 3 OJ-O 0J 3 
S 3-S >,« D-^3 



3^ > 

g-° ca'S 

^ OJ 

3 u "^ co 
■S 0J co 3 " 

3 eg co 3 

si. 

-fcj OJ - 

CO 0J_ - 

0JJ3, c8 3- 
OJ § CO 

•S^oj.S 
'S-o a ' 

OJrrt OJ 

« §3 B- 

^ ft-S.2 
< o 2 ^3 

s S * 

O.J3 U 



CO O >h S- OJ 



.CSX 

.2,3 « CS 



i- cv 
oj ja 

S-S 

3 3 

1- 3 

as 



CD 



-j etj +3 -^ 
05 .1h O 

2X1_C8 08 



■-_, ^jJ.h B aj 3 

312 S fe E "Xl r O 3 coX! 

co r -1 P. cu .3 t: o 
co o f- 1 S B ■** 

X cm oj oj 



"3.2 2 



_ •Ci, co 13 co 

o m oj-t; h 



J3 „, 
-•J oj 3 
" 3 _ 

outj m m bo oj 

0J CO-;r 

,43 „hO 



3,2 



al 



U) b u o _c 

S 2^3 ££ ■ 

C3 






aj3 5= 



a-^s 



CBi-H « £ 



fe OS 3 
.2.3 « 



^ c8 +j 

4J CJ 

3 oj oj 



■^TJ.Ssgi^cii^ScB 

-S3-r,S--~cS.c2Cx; 

s^ t ° i ^g^-a 

^ !3 »- 050jOS-,„, 

U) B ?>_S oj os^©. as* 

J3.3 c8*3 D,3«3-c8 ^ 



ft 5 (D 



o a 



Sh -w 08 >< 

08 OJ c -e cS 
CD'S CD'S "^ 

^« B.1 3 

t, X CD— '"* 
0j c8 0<^ -u 

°> <-> as" rt 

s '£ ^ §,13 ! 

0J 



bog 

3 -3 
■ H Eh 



"2" 8 

3 0J CD 
3^X1 

B 3 13 

.2 "I 

$& 1-2 



^6' 



0J^ 
CD 3 . 



fi cj cd 
y fli — 



« 2 2.2-3 



O > 3 



t« be co 

- CD 



3 CD-S 
. CO CO 



X3S _. 

■ OJ - 
S 3 



" !>> -a 2 ca 

>*> r/1 3 X 0J 



.co cB u 
1 " ^ c8 

■ -g o >> 

,3§S 3«S.^ 



oj c8 



, cn X3 
""EH co 



M U S 

oj £ 
X< 

^Pn.a 



g^ 



S-2 



OJh 



3 - J 

3 2 2 



S3 C.-H 



CJ 0..3 

>-_ ° 

3h c8 CD 

— 1 3 3 

03 o 5 

4J co 2 

3 S to 



*-.3 .3 



'"3 o to 
, 3 O. oj 

r" 1 ^- 3 

^ OJ OS'S 
r ^"P 3 

it S-s 



0J co_c 

j; to* 
»2a 



0J flTl 

x? m 5 

3 - " 



ft as"ci 

3 c8 
as g-^ 

J3 c oj 

"^ 2-3 
co -3 +> 

ca o-S 



-2 ^•- l 
3 '3 5 



"^uS 3 ® 

loj^tog-Hoi- 

a N «s 

2b . o s .2 

El to rv 3 •=-< 

j o 5 « cs > 
^■Sgol 5 



0J 3 



-QocoOoStwflJ 



0% 



a-d 

8 Ii = 



c8~ 



|..2«.2o§ 
-2 o -C cd co -B 3 . 



3 S ^ 



5 o 






CD a 



■2-3 


3 












CO 

o 


c 


c 












J=xl 






CB 




a> 




o 


CD 


Cu 






C8h3 






Sh 

cd 


o 


10 

cd 


a 




0) 


5 






.O 


ffl 




ca 


a) 




X 




as 


X 


a) 


cs 


ft 






-a i3 


Sh 


> 


c 


C 


a 


"8 

c 


as 
CD 


X 


a 

b£ 

cd 




m 


as 


s- 




-Q 


h-> 


hh 


CO 

a 


CD 

£ 

o 


Si 


CO 
CO 

9) 

u 




c 


cu 





is 



■ us a> 
® frx 

,,•3"" 

a 3 a 

5 3 =3 
^ c 

ft s-|-£ 

H ®'e 
S^ 3 £ . 
-^ hj o 

* S-o 
^ P^us 

3 ^j se-12- 
cd e 

a SSg 

2 * X 

GO c 3 8 



wn co. Sh ■, > 

cd cd ca cd X g 

>"O^CV-) CD P 

C C »w >h Sh 
S ia ®<C toftft 

CD a; - 

y ft.S co j3 r/j < 

ft fc P y ® in C 
^ ft CD C £ sh 

8 S3 o^-S « 

ft Sh J2 O "fc 2t- 

U rC ® a5.5f;2os 

^e 2 <° S ft 
&> 5 - 3 « o 

i-h 3 cBcrl CD cS 



Sh i-a CO Sh ", > >> Sh 

tti ^ -w >_SJ2 fc > 
« 2 * o^^ 8,° 



> T3 ^tH "" « a 



ft® 



tic ; 



23 ca 2^? 



CD CD 

(3 co O.d ,cd 



<u aj ■ 



a ft.S co xico s "S £ 
iSooCDti ca fc S 

* §^^ 2^^ « 

_c C CD .rt 

fc OS ,jj b< -m 

ft >-<2 -? 



o S 
ft fc-Q 



Sh Oi 



be 



CO to C ft 

CD CD . 

CD O CJ fc 

a *• c<2 

fc CD O 2 SO 

8J3 C^g 
— "" -u i— I 

.5 CD fc c .. 

O ® CD ® 

CD CD ° £« 



MH^ ft bB 

OS o « O r - S 

> Sh m TO 

0) to -- ft.^ h 

•a cS"5 sh " » 
|fcS* 



CD CD 
CD 
CD 



§ si 

O to 03 

^ Sh fc 

J2.«2 ft 

-O co 

"See 1 *- 
. . > - 1 -co 

C la's 2 
2o£=2 

Su 03 c— 
w* CD««- 

COC- ^ CD 



N-occ a 
^ w c^.2 



O Sh 
■2<2 
ft ® 

Sh 


Sh 

O 


o ® 
2 CD 


(^ 


ft CO 


CD 


> 


Sh 
CD 
ft 
O 


ca 

CD 

05 


o 

0) 

Sh 

ft 

CD 


as 
03 


Sh 
CD 

in 

a 



3:3 §? 8 8 
S3fc§=23 

® O ® co CD X 

as § & fija « 



1 CD 



te'g.I a-g*M 



C8 'i* CD 

S; CD CD -fc u 

P H >.S ca 

- c ® 

2"^ ® Q. >> 

OS C 0) Sh 

^H.fcT3 CD 



ft- ft- -s l| 

Sh "§■§ S-3 2 a 

o 2^.2 g ftca 

^ -*"' ^> c8 03 >x3 co 



;US hh> o 
too C " 
os a) fc >» q) .3 



1 CO CD 

" C 

ft-t'^a — 



M.fi.iS 



fc O C 03 








03 . bO Sh 




CDC0 CD ft 




ShoOhQ CD 




Sh 05 *0 




O" -1 CDl— 1 








* b| t? 




"5,0 co 3 




43 CD » 03 




d-J 3 ® 

co CD tr 1 






Same as pre 
d in servic 
rty placed 
excess over 




a; 


o 
C 

CD 

Sh 


3 o ft«5 


CD 


<S 03 POD 


r> 






ft Oht-H 


C8 



+J CD C S 

fe 2'5c a. 

*H ., tJ 

a |3" 
c3 fa ^3 

Hi. • CD CO 

CO CD 03 

.00 

?os c >h 
as i- 1 — < f_i 

CDT3 Sh 

1^1*3 

2^!;i§ 

ft CD <1 $ Sh 

a-SS=2 

CO > CD CD CD 



CD Oca ft 
. ^^ i— I _CD 



„ CD o h „ o 

^ a S e '-fc 
W -S cd .5 .2 

ft ft C o 



ShTS 

3 .2 



£c3 



CD " 

2.2 

TO 

IS 
° ft 



— CD 

*o S 

CD— < 

2-^ 



>>s- . 

-h CD CD 

a) > o 

"o o c 

UJ CO Sh 

CO CD 






1 5 I 

s . 

co -S ? S 
2 5)-5 s. u 
g -S ce O, £ 

ft «3 
x 






CJ s~ 



Bj, 




■« 


s- 




Sh 


"a 


a, 








e 


2 

■Si 








Ci 




Ch 


«, 


t 


c 



6 


s 


ca 


ca 


m 


en 


CD 


g 



w> 



a 




cd 


03 


O 


s 






05 




-fl 










+-> 


as 


01 




u 


> 














is 


c 


en 
















c 


03 



5fi S-T3 



g .a (u 

as.* 

CO m t3 



to^5.A t S.cDT3 M^-T i 

S-M 03 03 CO a X +i 

. _r a c S?-rt S 'it .. 

*jj^ » o "t h " -22 

o S m Oslo's 

,H S 3.,5 BO) 

,_ >, oi oi bp g +? is 

R -O S-< Cd -B C _i 



■ ft_0>l« 



« cS tn-a_- a 

^3^.2 £"2 * » « 

03t> 03 fi n££ SS 
Sfl ft c3s2-w ft cB 



01 
)h 

ft 

CO 03 

58 3 
co aj 

|w 

-S c5 

a -a 



is 

13 « 
*c3 

-a* 

CO Q. 

f-3 » 



O . i-i 



ft 




H 


0) 


n 


o 








X 




B 


01 


-t-> 


St 


B 

03 


03 
CO 


cfl 


X 


CO) 




01 


*> 


B 


CD 


B 

CO 








03 

ft 


O 


o 


B 


03 


0> 

B 


CO 


B 


tn 


03 


o 


0) 
03 


, a> 


fi 


^ 


03 


03 






£9 



C COS 03 J i, 
• 3 Jh CO_£ >> fl 



C col 

■3 »h to 

10 Si RS 

u -u -^ fi cd e^ 

S »H iH B fi . 

8 o ca cd g c -u 

COTS CJ,CB S* CO 



C0T3 op 
03 CD CD 

§\3 2 

ftS- 

CD CD 



fl- 



ea CD 



^(M 



w i^ ^r ,l_i oj 

cd .3 Sos o aj-3 



oO- 



> .233 cm 



3^ ¥ 



03 fi 03 

'B - a -^ 
■a S.co 



c8.2 E 

111 a fi 

So B 
ft-n 



M o 



ft ra 

C S 03 
to to P 5 ^ 



s'ftB 2 

a u *5 o> : 

13 b^ g 2 03 ?:„ 

'ftS o-o-b-b 03 g> 
ca-rt oi cd oi .a 

C coo13lS.2S3 

3 «g"3^.a.|-o 
CD fi fi g " s-o'2 

-Hi-H cfl » g © " fi 

? h to a o a * 

h +3 .^ CO ft CD i — i 



ay, ° 

CO g 03 

_ S oc 
fi-B fi 
O -JS 
, CB 
"S.I S 

-^ 3 03 o 

a=s b 

■"< -,J CD 

oi --3 ft r 
o ca cjt2 

•Si 8 ? 

ft 5 o 
ca a-w M 

COt3 CDTJ 

ca^ 3 fl 

-M 3 c 2 

S to -43-° 
<u -22 fico 
,** ooo 

^j > ca cd 

01 xl fi 

B+3 ft 



CD 

B . 

ca cd 

-t^> CJ 

B fi 

oa 

, » 

B ft 
CD 

5 ca 

» ES 

ft ™ 

T3 C8 



R S » 

ft a oi 



3 



-2 


00 

OS 


03 

oD'tt 

-3 fi 


-U 




a 




a 


(H 


u 


at 


03 
CO 
01 


«y 


hn 


m 


03 


03 




X!X! 


ri 


ft 


03 


03 


O 




O 






03 

ca 


•> 


t 


_0j 




ai 


01 




01 


03 


03 


t-1 


h 


c 


fi 


+j 


crt 








C/J 


TtTl 


o 




03 


03 














ca 


crt 














ft ft o 



fi o C 

3<S £ 

ft 01 

U 03 fl 
IP 

S S 3 

3 03 

oi 5.2 
2 St: a 

fl hi ' 

£3gS 

S ft_ ca 

-g 03 .52 
Z - ^"3 

CZ> 03 > 03 

o oi S 

ft fl B 



ca oi 



>% CD 03 

©£ 6 
■- 1 o 

. O C-> 

53-^ .3 

to 2 OO 

03 03^ 

x ft ca 

T3 -^ jj 



CD B 



O ft 

ca 

03 
CO CO 



01 o 



ca.ffi 



« 03 

o o 


OS 01 

o 2 


CO ^ 

8 a 

w3 


X fl 


X c 


W£ 


W£ 




2^ 


^ 3 



§8" 

"3 3 

+3,03 

S^3 
-r ^ 

a ft 

crt 

3 ca 

03 



O B. 

I J 

03 O 
O )h 
X 03 

-- 1 X! 



Sa3 



01 



o 



n 






o a 

S"5fi 

03 



"*< ft, o 



II 



•Ss I 

^11 



ti-i 






c-w 






b e 






11 




B 






e 


5» c 




«¥ 


t © 




& 


^■C 




© Q 




'« 


•5 *> 

B-5 




8. 




B 


cu >> 






0, V 




CJ 


*??> 


i 




&3S 


a 


cC 



<K 


s:« 


&. 


© s 




w w 


B 


•Svj 


^ 


^»i 


g. 


"2 a> 


s 

03 




r« 


tq-o 



3 S 



S SP 



c CO 



to >> CD CU CU CD 

-e-a s-c- 13 



ft Ms«as.^§2§.s J 



J? :=j ° a 



ca fe o;a „, § aj-w-Ti «+3 



~u cd •■£ 



to cd-9 S* 
® ft 

= 9 
J3 TJt3 ' 



__ftfl ...fa t3 cd ca ",3 cd 
3 ca 2-m eu_S cd J'ts >-. 
&J2 g£ -g:5T3 ftps 

a ,^r 



S.§H£* e s£g 



SOO co *- ft -* J3 ,a 

W (U-M ° 3 6 £<♦=; 
* w 2; <-• . -t^ CD O 

£ o.S H * -SoiS ° "£ la 
^> £-§>,£ a &2ftg§ 



ca 



ca o £ 



i- * 



sc re-oTj 



ft .-C 



a 



-a° 

o to 



+j^f 



^-Q cu 






u >,x o 1 3 s 
i > o'ft" M S tax) -u . 
_r ft-2 oU § . ju ca to 

x, ca-o 



Jl'i^ 



rti « O I- O CU *'" H 

■ CD CD S 



0) g > 

ca ^5 to a> 

cc S to s- cu 

Am jj at f* ? 



CD cd; 
'ft -5 

X CD<+h 
- >-. Of 
ft_^ 

oj a; a 



S=2§ ca PT3-2S Si3 ft ca o ■£ Ci3 m £+313 u2 



ca 


a. 


-C 


a 


■*-• 


ca 


a, 


-o 


cu 


i 


CD 


o 
si 


^ 


0) 




> 


a 


o 




-O 


cu 


crt 






3 
o 


-S 


ffl s 














cu 


F 


H 


o 


ca 


£ 



U h rl 

too a) 
bo - 6 

•3+3 a> 
E -£ 

in 



CD 



•2 e-S 

3 ft «r *h 

m t; K S 
CD O o ° 

fa<~ § 6 
aft 



a§9| 

+J +J o 

a- cd 5,« 
H o 3£ 

"^ CD 3 CJ5 
«4H '3 lO 

O B<M 



o S3 2 ^'o— Soo 

-3 ftOO £5,^3 * fl J 

-'C-S Jr. tO^," 

i± it 5 ^^ »*>-« ft to TS - 



3-m 



> rt Ti c ^ jj 

"»CU 



ca c 



fc. « 2 
^^ <u o C 

33 o)» S o) 



„ >% cu - g c 



aj [ g' H ftca CD[D g 

- r!Cl»»„ 

ca ca rt ^ g 
^ s e-^3 

C^ 3.2^ g g 0)3 

3+3x!-St3.a to e o • 



cu to 



be 



Soft' S S 

.. * c3 O r3 

1 3 o gft-s 

n-i f* ■ — ! H 



0*5 



fl fa -r 1 



cu 



O.J8 



0J 



cu to 



a m <y 
cu-a i3 

cu a g< m cu SS S 

ca cu ft * rQ-a 
cu to ca o cu _ to 

«*s rt to ej § 
C0--I c 



1 rv» ■ 



ca 



■e s a &to 

w *• Hi fli-P 



ts«c 



o « 



cu o 



Ho ^ 

-- 1 <B cu _5 CD ,Q 

3 3 ft a x ca 

s*J s-. ca ca cu o 



5 

CT 1 



2 

O" 



£ c © 
« w a 

g 8 E 

8-3 If 

■a ®^ 

Is- * 

*MJ5 



s &> 



^s 






? 


a 


® 




* 


u 

B 






ec 


s: 


Q 




*a 


1 


'< 





See 
cu 

■S & 





"3 

o 
a 
o 

Si 

o. 

09 

*s 
cs 
E 

s- 

■3 


Same as present law, except that all in- 
terest attributable to limited business in- 
terests (within the meaning of limitation 
on the deductibility of nonbusiness inter- 
est) would be treated as an itemized deduc- 
tion. The deduction for charitable contribu- 
tions of appreciated property would not be 
treated as a preference. 


1 

3 

4) 
to 
CD 

Si 

a, 

3 

g 

ce 

CO 


3 

CD 
CO 

3 
O 

X 

CO 

ca 

CD 

g 

ca 

CO 


"3 

<D 
CO 
4) 
U 
ft 

§ 

CD 

CO 


Same as present law, except that foreign 
tax credits could not offset more than 90% 
of tentative tax liability. 


"3 

CD 
CO 
CD 

Si 

ft 

to. 

ca 

4) 

g 

ca 

CO 


Si 
4) 

E 

4) 
O 
CD 

n 

Si 
4) 
«£ 

ca 
be 
g 
"3 

3 

•a 

4) 
^5 

to 

Si 

ca 

CD 

CD 

caoo 
ca 1-1 

H r-T 




5 

CD 

X 

S 
O 

a 


Retain present law, except follow Presi- 
dent's proposal with respect to charitable 
contributions of appreciated property, as 
modified to provide that preference cannot 
exceed the amount of the taxpayer's other 
preferences. 


1 

-M 

CI 
4) 
CO 

cu 
Si 
a 

4) 
g 

ca 

CO 


Amount of minimum tax liability relat- 
ing to deferral preferences allowed as a 
carryforward credit against regular tax li- 
ability. 


*J 

CI 
4) 
CO 
4) 
Si 
ft 
CO 

ca 

4) 

g 

ca 

CO 


1 

"3 

CD 
CO 

4) 
Si 
ft 

s§ 

4> 
g 

ca 

CO 


is 
ii 

-u 

3 

4) 
CO 
01 
Si 

ft 

CO 

ca 

4) 

g 

ca 

CO 


7a 

to 

ft 


Si 

ft 

3 
CD 

^2 

'co 

CD 
Si 
Oh 

CO 

ca 

CD 

g 

ca 

CO 




"3 

CO 


a 

u 

0. 

BO 

e 

'33 

V 
Ih 

0- 


Allowed for all itemized deductions re- 
tained under the President's proposal, 
except 

(i) interest in excess of the sum of 
housing interest and net investment 
income; and 

(ii) for charitable contributions of ap- 
preciated property, the amount of un- 
taxed appreciation allowed as a regu- 
lar tax deduction. 


T3 
4) 

Ctf 
-4J 
CO 

4) 
U 

ca 

CO 

u 
c 


'-+J 



"3 

2 


a 

_o 
'to 

■> 


(h 
O, 
O 
2 



ca 

g 

3 
g 

s 

'N 

2-2 

•S to 

ca cd 
ho £ 
ca ca 

—1 to 

*0 CD 
CD -3 
fe 3 

»- 

3 Si 

3g 

0^ 
S5 B 

ca 



T3 
4) 
-t-3 

ca 

to 

"O 

3 
.3 

,2 
"3 
w 


-a 

CD 
-^ 

ca 
-M 
co 



s 

to 

OS 


Si 
CD 
£i 

E 

4) 
O 
4) 

Q 

Si 
4) 

ca 

bo 
a 

"3 

3 

•5c 

CD 
£1 
to 

Si 

ca 

CD 

>> 
-2 

TO 1— 1 
CO 




ca 
c 

4) 
to 
CD 

u 

a. 


Allowed only for casualty and theft 
losses, gambling losses to extent of gam- 
bling gains, charitable deductions, medical 
deductions (to the extent in excess of 10 
percent of adjusted gross income), interest 
expenses (restricted to housing interest 
plus net investment income), and certain 
estate tax. 


Taxpayers generally can elect to have 
minimum tax rules for measuring a par- 
ticular item apply for regular tax purposes. 


c 

'53 



Sx 
ft 
O 


Not allowed against minimum tax. Cred- 
its that do not benefit the taxpayer due to 
minimum tax can be used as credit carry- 
overs against regular tax. 


Allowed against minimum tax (under 
limits similar to those applying under reg- 
ular tax). 


Allowed against minimum taxable 
income. For years after 1982, minimum tax 
NOLs are reduced by the items of tax pref- 
erence. 






£ 

cd 


CO 

S 

.o 
'-5 
u 

3 
•9 
V 

"9 

•O 
CD 
N 

E 

V 

in 


09 

s 


w 

CD 

"3 

X 
C8 

s. 

CS 

1 
4j 

M 

CO 


7. Adjustments in other years 
when taxpayer pays minimum 
tax 


CO 

-3 

CD 

u 


CD 

e 

CD 
U 

e 
06 


■0 

CD 

Si 

u 

ca 

c 

.& 
'3 

Si 




BO 
,J 
O 

CO 
CD 
09 
BO 

_© 

be 
S 

"3 

Si 
CD 

a 


"5 

Z 




CD 
3 

CD 

w 

S3 
H 



"3 

en 

O 

ft 

o 

s- 
Cu 
ce 

"a 
es 
£ 

S- 

"3 

XI 


"3 

CO 

o 
ft 
o 
u 

ft 

CO 

HJ 
3 
0) 

72 
'3 

CD 
U 
Ph 

CO 

cfl 
a> 

s 

ai 

CO 


'to 

"3 

3 
X) 

'> 

-3 

c2 

CO 

cfl 

01 

E 

cfl 
to 

HJ 
3 
01 

o 

Si 
CD 
ft 

o 

CM 


Same as House bill, except that the ex- 
emption amount would be reduced by 25 
cents for each $1 that minimum taxable 
income exceeds $150,000. 


(a) For property placed in service after 
1986 (other than property grandfathered 
under the bill's depreciation rules), treat as 
a preference the excess of (i) ACRS, over 
(ii) straight-line method using the tax- 
exempt leasing lives. Same as present law 
for pre-1987 and grandfathered property. 

(b) Same as President's proposal. 

(c) Same as President's proposal. 

(d) Same as present law. 

(e) Same as present law. 

(f) For property placed in service after 
1986 (other than property grandfathered 
under the bill's depreciation rules), treat as 
a preference the excess of (i) ACRS over (ii) 
straight-line method using the tax-exempt 
leasing lives. Same as present law for pre- 
1987 and grandfathered property (i.e., 
solely for leased property placed in service 
by a PHC, excess over straight-line is a 
preference). 

(g) Same as President's proposal. 


« 

CO 

3 
O 

SB 


"3 

CO 

o 
ft 

O 
Sh 
ft 
_w 

3 
a> 

'55 

0) 
Sh 
Ph 

CO 
Cfl 
0) 

£ 

cfl 

en 


-fi 

3 

01 

o 
u 

CD 
ft 
lO 
CM 


bo 

a 

CO 

13 

D 

E s 

;3_2 

Chj 

— 3 

{H CO 
O 0) 

^ >H 
ft 

tn . 

« is 

O 3 

O -M 


(a) For property placed in service after 
1985, treat as a preference the excess of in- 
centive depreciation over nonincentive de- 
preciation. Same as present law for proper- 
ty placed in service before 1986. 

(b) Same as President's proposal. 

(c) Same as President's proposal. 

(d) Same as present law. 

(e) Same as present law. 

(f) For all corporations and all personal 
property placed in service after 1985, treat 
as a preference the excess of incentive de- 
preciation over nonincentive depreciation. 
Same as present law for property placed in 
service before 1986 (i.e., solely for leased 
property placed in service by a PHC, 
excess over straight-line is a preference). 

(g) Same as President's proposal. 


"3 

to 
O 

a 
o 
i* 

Oh 
jx 

C 
V 

12 

'to 
ai 

b 


An alternative minimum tax, applying 
to a base of regular taxable income plus 
preferences, and payable to the extent in 
excess of regular tax liability. 


'to 

"3 

3 

'> 

_S 

»H 
CO 

cfl 
CD 

a 

Cfl 
CO 

3 
CD 
O 
!h 
CD 
ft 

O 
CM 


CD 

s-. 

ft 

o 

o 
o 
o 
©~ 

€<a 

CO 

!h 

ta 

CD 
XI 

CO 

J3 

"ft a5 

§1 
o o 

°. fl 

io' rt 

--I CD 

e©- o 
3 

CD 


(a) Same as present law for property 
placed in service before 1986; for property 
placed in service beginning in 1986, excess 
over Treasury I depreciation is a prefer- 
ence. 

(b) Capital gain fully included in mini- 
mum taxable income. 

(c) Same as present law for facilities 
placed in service before 1986; amortization 
rule repealed for regular tax purposes be- 
ginning in 1986. 

(d) Bad debt reserve deduction is re- 
pealed for regular tax purposes. 

(e) Same as present law for property 
placed in service before 1986; for property 
placed in service beginning in 1986, excess 
over cost depletion is a preference. 

(f) Same as present law for property 
placed in service before 1986. For leased 
property placed in service by a PHC begin- 
ning in 1986, excess over Treasury I depre- 
ciation is a preference. For corporations 
generally and all personal property, the 
lesser of (i) excess over Treasury I depre- 
ciation, and (ii) 25 percent of the corpora- 
tion's net interest expense is a preference. 

(g) Treat as a preference for all corpora- 
tions. 


C 
01 
95 
0) 
i. 

a. 


S4H • 

O T3 
CD cfl 

bo ft 
£ x 

3 « 

p >H 

cD-2 
ft 3 

cfl CD 

bo 5 * 

S 3 
«| 

a s 

3 cd 

*^ S-. 
d,a> 
O CD 

Cfl g 

3 '3 
o 


3 
CD 
CJ 

i-H 

CD 
ft 


"(h 

CD 

Cfl 

ft 

X 
cfl 

CD 

5-4 

o 

o 
o 
© 
o" 

<*h -3 

°s 

Si cfl 

o>;3 

"cfl X 
CD _g 

s>t 

Q) CO 

EH bo 

CD 
Sh 


(a) Excess over straight-line depreciation 
is a preference. 

(b) Benefit of lower rate on capital gains 
is a preference. 

(c) Excess over depreciation otherwise al- 
lowable is a preference. 

(d) Excess of deduction over amount al- 
lowable under the experience method is a 
preference. 

(e) Excess over adjusted basis of the prop- 
erty is a preference. 

(f) Not a preference except for personal 
' holding companies (PHCs). For PHCs, ap- 
plying solely to leased personal property, 
excess over straight-line depreciation is a 
preference. 

(g) Solely for PHCs, excess over 10-year 
amortization is a preference. 


£ 


X 

cfl 

E 
s 
£ 
"S 

2 g 

p. CO 
hi 

O -H 

u 
pa 


o> 

"3 


B 

9 
O 

£ 

cfl 

e 

a, 
E 

CD 
X 

H 


4. Tax preferences 

a. Accelerated depreciation 
on real property 

b. Capital gain preference 

c. 60-month amortization of 
certified pollution control 
facilities 

d Bad debt reserve deduc- 
tion for financial institu- 
tions 

e. Percentage depletion 

f. Accelerated depreciation 
on personal property 

g. Expensing of mining ex- 
ploration and development 
costs 



u 



cd C 



£ ft 







CI) 




M 




a 




ctj 


m 


B5 

cS 


cS 
a) 


03 


>> 


o> lo 












ai 


c 


> 




o 


-t-> 

ft 


>> 


0) 


1 



ftE 

|fl 
3 a> 

. cS 

c.S 



3-^,2.2 ft --g-e-o m 

8g csg,fc^5 g 9.1 . 

ft ;-, 2 T3 G "^5S3C 



3 a 

ctf.G 
— 0) 

3 2 

+J 3 
BJ'S 
01 ft 

Si - 

H o> 
_ o 

3 3 



ft 0> 



S bj) 



S CS 



to S-g jJX 

_S -^ H'.C *> 2 "3 *- 

tarS sums s So 
cs-3 3.5.3 

.S6g.g' c! £.5«s 
sSJ-2 3 ^ £ >»3* § 

C Sm^ 3t J^C 

2§ &* 



-w«° -^ y.o> o> £ 
|ft.S^^^.S^ 



33 S O-g °T3 Z "oft 

a c3 £ csxjja »- 3 

3 he ^ p ft 



ft D.fi 9 -S3ggTS« 



cat3j3 



s_ o cd 



& 03 



bb 



8 « O c oj 
r|J3 ^ C o 
S*3 ft CS 8 



' 3 " 3 u 
5 O 3 ftjS b 

oi o^-S-^S ^ O OT3 

wU u - ft.S-S-^ o-3 
Xc-m0>c ! - i 'Sc!O 



iio a> 
&*£ 

«ji 

ttH CD -t> 
01 "3 - 

a M » 

53 .^ 

«® S o 

ftgS 

o> o 



m ° 
'«2 



3 m 

CD ^ 



ID H, 

CS ft 



S * 2 oi 

He £ 

o 5 ^ oi 

•Jj ft ft 



C5 ° 

cS g co 

H gM 

o ^ 
-u C° 
co 9 3 
0>-j3 ( 3 

3,3^ g 

£lJ^ 

ft g"" o 

M 2 ° 3 

"S 3 3 © 

2.2fico 

^ >, OCT* 

2-3 b' 







ft o (0 


3«<Hja 




V Gsi 


be - S 




9 3 ° 


c5 a) 










3-3 ft 






&2«J 




CS CD CO 




»u>, 




2 3 CS 

ft cp a, 


nee by 
jletion 
, on po 


CO 

CS 
Si 


it's pro 

prefer 

the tax 



B S » 3 £ 

<£ o § o 3- 

g ° ft° »' 
a o g | 

CS ftg 

co 0> >>< -f 
CS tag oc 

-e «■« a 



Ph o 



CS 



CS 



S ft-E 



1 1^ 1 

CO 3^j g 

^^ o> S3 

is u jj 
-3 x b 

+3 oi ft 



fe-3 



5 oi 
'Sic 

fl 01 
+J 01 



0> 



*r.a 

0) 3 
o >-■ 
3 g 



!-■ ft 

ft^ g 

cs'c cu 



3 
Ol r" 

2S 3 



• 2 

h 3 
ft » 
Qd ^ 
S< 01 



01 




t* 


o g 


T3 


a) 


+j cu 


ft 


C-3 
3 cS 


cS 


° rr, 


+3 


SS 


2 


0) 


3 


al 



rn 






cu 


ft 






CD 




CD 


T3 


o 






+J 








u 





3 


ffi 




t4H 



01 ■ 



d.£ 



CS gc 

U J j3 -u u 

^~. Sh C ft 

62£cs 
SS.9 



« g 

to tfl 

^^ 

o.2 



— o 



CJ CD 

ffi ft 



cS -*-* 
3 CD 
CD tn 

CS So 

11 

* o . 

g-3 » 

^ 3 CD 
-P 41 6 
CD +j, CD 

_Q ''" , t4H 

CO o ^ 

g ft 

3 C X 
CD CD 3 

£i E 

Sx.S 

5 £ 



.S ® 



|| 



.2 S, 

■S3 

S) s i) 



%« gg 



"e-i 
a c 



« J3 t? 



«> Q, 






CO cu 

-2j i 



«gfe. 



"a si is 

S B « 

B Q O 

e © S 
® _ c 

"« J & 

Is «.<5 

a » 



'•Sa 



5 5 

© ©, 

*»■« 

•* ©. 



-S& 



2 a 



a » 



«c s 



S 5 
•■§§. 



©•= 
^§ 

3''- 



1 » 



^a 



3 

09 

o 
a 
o 
u 
ft< 

09 

"e 

ea 

s 

hi 

■3 


3 

a) 

09 

3 



S3 

09 

03 
a> 

s 

C8 

CO 


Amount of minimum tax liability relat- 
ing to deferral preferences would be al- 
lowed as a carryforward credit against reg- 
ular tax liability. 


£ 

+j 

3 

09 
09 
0) 

Si 

ft 

to 

oi 

09 

E 

03 
CO 


Same as House bill, except that foreign 
tax credits could not offset more than 90% 
of tentative tax liability. 


09 

bD 

3 
cS 
X, 


hi 

a 

-3 
CD 
09 

3 

'■& 
cS 

09 

II 

s| 

09 

§33 
CO « 

a 


3 
09 
3 



09 

cS 
09 

£ 

CS 

CO 


hi 

09 

X! 

E 

09 
O 
09 

P 

hi 

09 

33 
3 

bo 

3 
3 

E 
■& 

09 

XI 

09 
hi 

3 
09 
>. 

,2 

2 00 
82 

CO 


5 

o> 

09 

3 


33 


X 
OS 

a 
a 

" 09 

>> m 

&& 
03 g 

O * 

-* X 

09 _™ 

a* 3 

J Si 

99 09 

.13 u 

ea 

fe t" 

h 


§ 3 
>> 

.-S.-S 09 

~^ Ja 
-° * $, 
.2 >> 

3^ S 

S £ s 

3c2-H 

• S 3:3 

6 ^ 
s *h 3xi 


^ 09 X 

C " * 

g-s h, 
< g, 

-— 0) 
03 h 


U 09 C M 09 JL 
09-3 Sj 09 3 

■5 5 03 
1 fl E S m a3 

3*.s , 3 t l£ 

tt S^ si's 

8*3 3 O 15 ' 3 ^33 
>. *3 °-^ CD-h 

hi -3 O-'-' -MC£9 .2 
09 033 Ht„00 ~ 

OS M 09 2 

33 h c t< g 

03 Sxi .5 ft.S 


* b 
>■§ « 

CO 
hi 09 h. 

S*u 

-3 O 09 

* 33 "O 
h CS 3 
CD w 3 
^i2 09 

oj'd'S 

fe 3 b 

|§| 

CD X m 

ft E 

ft.3 *> . 

S .* -2 


oi E 8"5\r> 

.sl=2: c 

"■•3 CD 09=3 
09 S ££ CS 

a 8 a »^^ 

JS 3 cs hi 
_2-rt -^ es 09 3 

** S«4-, ?9 J CD 

s ^ ° ^2^ 

3-09 U'Z,^ 

l^gfexft 

3 09 09 g pj-n 
rotS"^^ 3 O 

.S S >>s S 2 

a -° a*i § 

r° CS S 09 3 
tin 42 3 h 09 


-2 2 

2 x 
E 3 
^-^ 

3 d 
ftB 

S E 

3 © 
.3 
V> -^ 

09 O 
09 09 
,, ft 
3 09 

09^ 

3* 

3^ 


3 

09 
O 
ft 
O 

u 
ft 

_09 

3 
09 

3 

'iB 
09 
hi 

(X 
09 

3 
CD 

E 

3 
CO 


3 

09 




s. 

ft. 

_09 

C 
CD 

'09 

0) 

hi 
ft, 


3 

_o 

'> 

h. 

a 

& 


3 
O 
'09 

'> 
O 

>H 

ft 
O 




CS 
-M 

s 

3 

g 

.S <*> 

03 n> 

boE 

OS OS 

_, 09 
^ 09 
09-3 

O ^ 
33 >* 
* > 
O >> 
CS 




CD 

Is 

09 

"0 

3 

CO 

-2 
fti 


T3 
09 

CS 

09 
O 

3 

09 


3 
O 
'09 

"> 
O 
hi 
ft 
O 


hi 
09 
X 

S 

09 
O 

09 

Q 

h 
09 
3h 
3 

bB 

3 

3 
3 

•5b 

CD 

XI 

09 

hi 

3 
09 

>i 

CD 

-Q in 

300 
X05 
3 t— 1 

CO 


3 

c 
o> 

X 
01 
hi 
ft. 




'> 
O 
hi 

a 



c 


'09 

■> 

hi 
ft 



T3-2 6 
0) CS 
Sh 0) 

."D."3 

X h, r ° 
3 cS 

g ft 09 

3 X CS 
§-2t3 

'3 09 » d 

■ fh J5 09 CS 

si 3-3 

^ n 

-^,"3 09 CS 

3 09 3 

Hi! 

13 X 2 

09 rn CS E 

* « 3 

33^ S CS 
CS -iJ 3 09 

jj OS c hi 
o-3 .3 g 


X 
CS 

3 
O 
-3 

T3 

CS 

bo 

"ffl 


3 

CD 
& 

O 

< 


X 
CS 

3 
O 
■3 
-3 
CS 
bo 
_S 

3 
3 

CJ 

_S 

T3 

O 

< 


09 O 
3 

6 ! 

O ft 

4j 09 
09 

Si 
09 

K|J 
"S3 . 

E.-s 

09 >>:3 

h 3X5 

3 a. cs 

s g 

pi 
I'll 

09 e 
09 3 




E 

01 


09 

e 
_© 

u 

— 

X 

a 

I 

09 

■ OS 


2S 

CS 3 

M 

"K. * 

>» 

(S 

c ft 

•"" u 

V 

"3 >> 
£ * 

2 0. 
E x 

IJ 


09 

■3 

0) 

hi 
u 

O) 

c 

01 


C 


■3 

0> 

hi 
w 

X 

a 

c 
be 
"S 


Eh 

06 


09 

O 

z 

09 
0) 

09 
09 

_o 

be 

"5 
hi 

CD 

ft 

O 

05 


09 

C 
01 

S 

A 
ft 

X 

cs 

CD 
3 

S 

CO 

© 


0> 

3 

01 



cm 

w 



.T5 la ? 2r a SK <» 
3 -2.5 a "5,2 a ~ 
.go o'i-B'g o 

ft ,„ "o "a <*< +5 

CN d.S - m r> 

^B-MZ-BS O sps 

•*" M rrt 



S« 



53U. 



cS-rt 



;! ill »<1 

3 §.« 



< o^ s a ™ »J3 a a 



'=B 2.B 2 






is 5 



«S 



o.-H 



2"§-a o<£ SP 



O <1) . fl' 



ft « B;S 



o o o o 
^ o> jo - j3 
o '"'a 2 

B mi 



S a 



o o jh+3oo-C!CC o o> 



< g i-a 

i— i - ft CO 
g m,— i a 



SqS3 



£?.a 



, -a o"2 a. 






0)05 m^S-S 



S^S.b=~ 



2 bo>i?a 
a ca^ 1 rf 



a ** m.S 

£ft.S-* 

cS^ to cfl 



O 01 o 
Sfi:5 w ■ 

•2 g^ 

01 12-^ 5 



2 H)l4-I 



CD 



a 



rd-S <S"B 



,2-13 3 a> 

a s-° a 

-n a cu 2 

02 d *-i St 

_ 5 o a* 

o J, o> o 

co^ 5 CD 



■b.SifigS^ 



§a-=a^aft» 
u 1L-3 ft a § * 

■5 a^-2 ®2 S 

as 8 CH^g-S^ 3 

■^ Sa««l 
d ~ CD 3 gO 03 

cj.-y,a5 ^H MO) 

=4-1 'a P<h S t3 

O .C T3 ^ O J» 2 CD 
co ' — ' ^i "t* co^*^ -1 B 

p Hjkl 

ft'S a » C a •£© 

o^- 1 ft 1 " B_e , -C^j< 



a° Is 

O grH O 03 

oi^gsS 

^* 5 <3 

Slo ^3 ■* 03 
$ X S 

8 & a « 

.g 03 g^, a 
o a o 

03 -^-^ o a 

M £:3 B ft 
^-.^43 a) ft 
3:5 « S =« 

S ia S o *< 
P-o ft+j 1 



"■ a 

b a 8 



.So 
S3 "ft 
ftg 



a 03 
S3 m 







c 

•a 



O 4) a -lj K> 

■^3 g, a -2 a) a 

:s 8 g^ %££ 
i3 in ft g a a) 

ct-h a) 33 2 bo a 
u * _2 ft S a ® 
03 eg S? s. a ja 

rH BOJ CS $o,2 S 
H t4_, 'o a 
ft o « a 



a 



a-a 
t3 o a 

Si a 

ftg o 

a a-B 

■11 t3 ** 

03 a< 
^.2tf 



m 



2 ^2^ 




®«2 oT.§ ° 

^5 a *~ a i-s 1 " ^ 

f" 3 - -d o> -a . o 1- o -B -a 



SMa afcli3 5 
on x!-2 a ft 



T3 - 

a 10 a B 

3 J) IB* 

isres 

- fn o3 2 
ft o a 



."J CO 

o S KJ 

+j s e * 

B "O § a 

1 Si 8, 

£ c 2 
>_; 



•5 a 



■^ B 



*> 3 Em ■*» 

>>£ OT ;2 a a 
o,c2 « 3.2 — 

«Ti 53 *£ a 
» g c< 8 a 
*£ 3 §~ ^ 
"S^O^x 
-^IS "3 3 +» o 

35 o a ». s 



111 o_ 3 
5 S § « 



o g 



3 



" 

is 

cd ai 



"1 a 



x'S, 



3 



p h«w 



^ S ° o <u 
€«• £ W-s 



CO 

Sh 
in 
iffi 


X) 

In 


"3 
s 


1-1 
O 

ta 

CO 

n 


X 

CO 

M 

03 


E 

to 
crt 









03 





01 








hn 




a 






Oh 

H 


V 


3 


T— 1 


s 


CM CO 


'-13 
u 


JO 




o 
u 






en 






SLcB<3> 



* Sx 

3 .ST! 
-°"S « 

>*2 * 

xtfa ; 

j> ^^ 
ai a <y 

3.2° 
•3 to 3 

5'> ° 

s8g> 

" a.a ■ 
<=x.5 

a> 

°|e - 

^x <" 

+3-3 >> I ' 
0-* J, 

s s-^ o 

M ? 5 *- 

bo 3 



-3 0_i,-3 

.s > * 

< § a 

K a°-s 



i2"c3x> 



JOi "^ 



CSlO 
S» to 

73 



S a 3 
8 en a 

2 2 2 
^a^ 

I- s .. 



SP>> 



■a^^fcs^s 



3-s" co<0 



'SS'O 



" 6 



CO ctf 

'> be 

M -3 
D. 3 
0.g 
X; So 
El 



dj 1h 



•° « g -8 
>>=£ -2 

0X o 
■fc.w*' ° 

° 3 M O 

sl° 

•3 co 3 
"J-g o 



3^h 
ID C31 

m 
cDt-T 



Shi, 



CD ' 



3 

^^ 3 
03O. 



M, s 



3 
^ -— tS ^ a> 

3 oHh £ 



S2|P 

.«& •« bo 
2 00x1 <u.3 1 

1 bo 3 at 



0O0 2 

eO°.2 
^ — fe c » 



03 "5 



O CO, 






3 a> S-S^ 
3 g. 3-2 ® 

cs a s * 

B fiT) ni 1- 



"2 o 

is 

X! s 

a „ 

3 ™ 



xl 3 



~ 3 
0) -3 



P M'ri 

cfl 0> 3 

CO c *-* r* 
3 « S 



» fe-3 Si 

.-3,0 CO H 03 

3— i « a w - , - 

3 2 J.2«S ^ ® 



c8c£^ ; 3' a 

"— a) 3-d 3 

"3 Cj c3 O 



tj O 

:^x 



> o> 

"■si 



3 o> 
•2«S 



a s 

m 3 



H S3 

o> Sj3 

« w *j 
3-2 «3 

3.2 ° 

•3 co 3 

,2'> ° 

ii o bo 

Sa.S -2 



e cu 
"e >> 
<u cu 

•IS.X 



3^3 

«3^ 

^ " CD 
+3^ >» 

« .s -g < 

£? S ! 
bo 3 c 



I SP>> 



=*- 3 >H CO jj_ -W 

O 3 o *Tl *^ CO 

3 cS 3 +j Jh ^J 

»yiH^ S2-§ 



» o^cS a 2-a 
o 3^ a3 5-3—1 
a-o o -3 co -^ fi 
p 01 ^j „ -3 «<-i o 

is ** .»«o.h 

co 3 g o -3 O 3 

CD 3 3 CO 3 w 

T3.2 O.™ i'^<! 

•safes « a £m 

H O 3 >> nj 0> _ . 

^ SH °J:5 3 

«_CD cl-3 •*» CO 

-w U-* B 3 o o 

j-'SK <d< co » 

SnHj- P_0 CD 

• rn CX) m X ,- O 7S 
C0O5 gj,*" 3 U O 

H O h"h ftO 

ej a^ -3 S O 
rt 30 3 —jcm 
« 0-3 3<€.0- 



« S 



as 


<D 

X 


3 


H 


CD 


1 


X 




CO 




t* 




3 


H 


CD 


"a 


>. 


cu 


0> 








X> . 




CSLO 




XOO 


^«2 



3.STI 

-fi-e 3 



'■« O h 

CD «h5 

3-8 3 

° 3 »- 

3.2 ° 
•3 to 3 
3-- o 

t! O bD 
4> H c 



" a.., 

as- 

CD Q, 3 

i-3 >> I 

CD — , ' 
3 3=3 O 

H '3gfc 

bo 3 CD 



gflr-i 

.2 oo) 
3 * 



B bo >. 

«bp3 

<D.3 3 
XI 3 3 



IS'S 3^ 



CO CD CD bo 

^3-33 
75 3 3-3 



fln 

o 3 s-, 
a, CD 0) 3 

2 abp 
5 m 3 >> 



0^ St "S 

,S — h 0) c^ 5 
S3 ^-s^^ 



CD 



3 *-,a»g »h 

xi o3 <3 $ 

53-0 --S 

< § £ s 



c . > J-; ax rt 

3 cd S^ 3 g ao 
£ g. ^ fj 



in CD 
CO !h 



3.0. 



S-XI 
CD O 



a^«) co 

o 3 3 

-a o\g Ta 3 °- 

g Sx ■ 
S3 -g^ »- 

ti; 3 bo <d hh> jh 

XJ 0.2 3 



T3 



J- tp 3 



X X 

CO CD ^ 



q o ■ 



a- 



SS 



.x 
a a oj a 3 



3<j 

O § 3 fl - 



03 iS 3 3 






o 3 vS a o 



3 3 

a 



03tJS -M £ _ >h 

^ o boo 1 " 



5.2.-H- s3« 3 

rt x &.S 3^ a 
a 35 f. S, o o 
o Jh ^ c b co 

H™g^S3^^ 

-3 8^ JO K » b 
^3 **-' _ix> ^ — "*-* <D 

2^ b SL.9-0* 

«feftE u ffl ! Sfi 

X u 0_, w o 






J* 3 



aS* 3 SSm o 

co-BE-i UX> 3CM o 



3 3 3 A 
3 0_g 

o _P 3-2 

°t) a 3 

hj a^3 o 



.3 x 



« 



0l3xiS 
=2 ,2 

> 0-T3X 
3' 1 = i ^h3 

a S-S-5 

lag co 

a0 o-^ 
s- 3 P 

a g.So. 

o at-i 3 
e gO c § 

0O 3 '-|3 



y CO 

■o fi 

S 

e E 

s 

3 bj) 

3 S 



ji 



Hi § 



3 8 



H s 
CO ea 






■5 3 



CD CU'r^ 



a ■ 

8 085-5 



eg C 

ca a>+2 
— ° B 
15 S to 

,0^ 8 



.-ti >>o 



ca. 



, .SP m "J --j cu B 

£S aJJ3g,sgs- 



03 ° co B 3 



"?"S S^ 13 &.I C £ b<*5 

A~ o\5 2§"3£c3 m B 

b 2 « S a.^ a> 3 a 

CU STJ CU co 1 *- 1 co ™ <u 
^< 3 , r ° 



*J CO i 0JT3 

8,8 "S'S >>S 

„co -j3 c h u B 

«3 d cs cu 
rs-e s«» ft 

S o - S<C B rt 

2 0j«8..S 
_ £ 2 U o a 

*S bU >>cu 

hcSg'aX'5 
J5 c ^3 bur 

^| S « 2 * 

S+3-B M-Q 




jH [O 



co bo 

co a 

Ji O 

- 8 



8b 6 ^ 



O B 



CO 



cs 



B-e 



q in o, 



££ 



ft.s o 

H 3 £ 

ft * to B jg C (3 
O cu co CB g, 08 cu 

5 ft-S© P.O. ft 

_ >> e©~ gwin 

a$» sast 

,-H -w -u *> 

g 

03 CD 



fe T3 M 2 fa 

oS^Bccu 

>> ^13 - rt .B 
O CU C3^ o 



03 



. B O £ L-, 

3^ o >> 

cj co Ji CB 

co fe ft 



-E bo-2 « co 

tfTj c3 cu S3 <o . 

a ?-S do cb 
.B o ft eji-H >> 



1 ca-Woi ot3 



£ -B^ 0ft . ft-BS 
a S ^ co ca-rj 

6 S/5.SPI 

^Sft^^csBS 15 - 
<UO,2 JuJB 

W ftcu S+3<! >j to -g 

n, c3 ca 



ea ^ ©i3 

213 cb <u >» 
0^^2 B 

"S cu XI * H B 

§-Sg0^ 

o -£ J3~ >- 
cu B *3 ,„ cu 
ft £ co tS 

Lo^ >> ® 
^ H ja +-> 'u 

ftO cu s- 



B J2 3 
B >hS-9 

<£ a 
|ft S l 

K-B (Uft 

•**& " 

ejgaft 
§3 cu ©^ 

& to j3 *" 

8 "Jtj c _cu 

^22 - to 5 
■§ cuxi ft 

•*< o g 3 ca 

an. ft ft 



CO cu 



■2 
"a 
e 



.2 a « 

01 0) -H 



> c ca 



g S > b 

ca rj^D 5° 
-f5 =3 22 £ 



Oh CO 

'. cfloo 



iVi en cj 



2 c2 i-H 

"8,81 



S P S 

8&5> 



.2 SoiO' 

c CD 
• 3 CD 

E &> >>c<-. ; 



2 w cd cd.3 d 



S £§X£S 



;co S a >> i ,a a 



CB 



cu 



cd cj 

tHJB 

cuQ 



ca.> ca 



'T3 » "O 

, g> x _ u 

fl 0) fin 

+3.3 tn ca 



CD cd SP $ H 
*^> cd S <u 

CO O > Oh 

s-i u ca os 

4) ft ^ 

■»-> CD ^rQ 

3^15,8 

*i 0) l CD 

Co .£ 3 CD 



•SB 



"2 §-S ft S; 
c d a>^ B 

<T3 2 S_, t 

■ rtHfl.CD^ 1 



i_2 
£:2 

CD 1) 
he 



^ CD 
faD CD 

ca <3 
*- +3 

CD o 

ca^i 

CD * 



ft 

en 
"ft 



"tt^ -1 fa CD 
O CD ° So 

° fe » c? * 

t CD <•» O 

co-«cn^ <» ffi 
® -i ~ 1 CD O 

cd cdct (--S:S 

>,J3 — S- wQ — ' 

2? £'£> 



CO CO >>© T3 CD 

'~ -2.2^-2:3 

skoals 

a ft o-g g-O 

.23 CO CDT3 g 

ta^rt-S 

1S& S IJ 

H -u>cS J) *{*■ 

.a _ cd s-^h , 
t3 53^ « § fe 
■S|s>8 «5 



CJ *> 



S s»-H >. 



to d 
a_ 



ScdC 



CO J> • 



2-rtc2 B 5 -2 c 



r &S 



ca 

CD .S3 CD 2 

■s-S-fl 



2^3 



ft§-S 
fi Sft^ 



ca d 

CD O 

>> d 



2° 

> c • 

3 CD ^^ 

5 8 °> E 

:iS-3ca 

5o«9 
5 >i S 
i c * S 
5.2 co o 

jH CD g_i 

IS J! 



^ 1) d » K o 



CO u 
CD CD 

ca cj 



h U S 

-o=G 

CD U 
CD O 1 *-} 

> d ™ 



CD 2 

3 rt d 
,2 fe 2 to o 



f.8 

N 

ftbB 
CD B 

SI 

I u 

■« -O 

•3 is 

U CD 
KJGO 



.-to .a 
«■> a 
"S p.S 

CD >h C\ 
cj ft ?P 



U ft 
t4_ CD' 
OJ3 



^ 



cd'q.S' 

CD 3 . 

i-* "d ^ 



?<m" 



ja cd . 
»,«-2- 



a CM 

ca ^ 

CD 



.3t3 
ca d 

•a ms 



.s X 



.2 CDOSQ ^ K 

t8 SSg-S a 



i- 1 <d 

CO 
* CD 



CD 



•a 9>, 



^5^- 



CO 



s« M ?? 



Jh CB &Vi CD „ 

fB nj o S! od 

„. a 2 cD^-a 

»P . SPcq » 



ca 



bo*4 



-m be 
ca a 

.9 -a 
l| 

O CD 

en JD 

a sh 
o ca 
a cp 

a.22 



CD -S CD >» 

SfgSP 

CD ™ CD O 



CD -S CD >> 

bO © hD^J 

ca a ca 

S CD fl 8 

CD X CD Sc 

<D rn *^ 

ft CD O-'ft 

ni . — 



* CO ^rt ® CO 

I £c?2ij.2c?2g 

1 3i«il3!«3 



■5-e 



Bl win — ra 
.-. +3 cd^j SSH cDt-j cd13" 

.3 , _£ s^ »— 5 S^ » 

iS 1 ^ cacDcJsa ihdoc 
; cd ca 



ft- 

CO )_ 

j cd ca 



t s 






c 3 3 3 



go 
o 

cd 1 — 1 a 
"i el 5 

&§$ 

^£3 



K K E 



cB cS 



g B 



a s 

CD 01 



CD.Q 

S3 



CD "" £3 

CO T"S fl 

3 2 CD 

O 3« 

ffi o cp 

a s a 

cb co J3 

CD <J 

S Q 

3 O „, 

w u« 

,—. _ « di 



CO ID 



ft ft 



•JE:- - 

o g 



ca_2 

| "a 
3 9 

I c 
» B 



=> fa 



55 s^ 



>>fl u x 






d 2 c 

•fiiffiM 



cu 



a>.fi d 
X! 3 ca 

■ +J -S'-5 



sr 



32S 
ftl-l 



eg M+S 1 " 

8 5 c 
u ca 3 in • 

«ftfu5; 

~-s5 » 

ho cu 53 



■££■8 J. 5 

t!^-3§ 

i ftD * 
fi fir^_fa fa 



ca <u >-> 

C a d 



60-C8 
"S-fi 



ca£ t; 



cs -m fl _r 

-ill 



© a. 



CD 



^•5 g 2 3 

8 C h S (! 

a °5.5 g 

'co CD 53 fi 



2^, C8 CD 



CD, 



£S,Q CD ja 



3 S 



fi 

CB 


C 
cB 




fi CD CO g 
.2-3 fi § 


o 


ft 




adit 
(ot 
utio 
an 


in 


=4-, 




crt 




T3 


o >jS fi 


fc 


- fi 


-^> 



2-fg-goSfifi •" 



cd o -m; 

.fa ^ CD- 

2. 03 3 
„, ™'3' 

CD CD ... > 

fi " 



o<2 

, CD 



,S ft 



*3 

■So 



„ d 
o o 

B< CO. 

g «' 
©5 



B c; ti'fi .fafiCDiH r _,jHoo 
^5dcDo-fii=fc2:g- M d 
pis §.o 8 ^.fl ««2 g «,! 

-g-^lSg^. c c v »2.SP§. 
I8|i5£*«>8 6 'c3£ t 

.2 »fl o-S-3 o.» p 

1 - g ft+3 g 



Scd: 
CD- 

5 - ; 
?h ftc>J fi 

s — > C * — ' w 
fi CD 






T3 £ 



3 CO 



ft 



53 ^ ^ * ^-. 

T3 CS d o- ■ 



ft ft 
gg 

CD CD 



I 3 
=o d 

fi'Sb 
a cd 



s- u a 
SC25 



^Q a « d 

^ ^ 9. « S 



bD 



55 g£ ~^_ 



■S 3 

•*-* CD 
CIO 



d 
•3-l.S 

3"p a 

>- ? a 

8ftg> 

t*- CD-° 

°^£ 
» - 3 

eg a aj 

" 3 ^ 

CO 



.2 CDOJ 

Cfl «t-< 

fi ® 

• fi CD ^ 

S? « 6 



= ft+3 o 

*"* 3 fa 

CD • 3 CD 
fi.g CD "2 
C0.> CO 



2-fi fi 

J3 fi cd 
■ tJ -fi , -s 



■HOT TO 

fti-i bo 



O CD 



B C O^O fi 

S fa fl ^ 2+j 2 

fl a « 



fl >>'* 



» 25 8 i>3 &fa 

c j3ts5 as c ca ra 

I o§5 §j^ S c5^ cd '. 5 25 S-5 « « 
I.59Z s g<5 d o-2 ^Sfift §£« 
- e ftg c d S cs|fi 



CD MO g C 
nfi^, 73 53 CD 



CD 



s *o 



ft 1 " 1 fi 

!5 >-^ so, 



sm.S-g, •|^«a'-«5 
60 - S o iJ B s § 5 s 

O^ O co"2 flu 2^3^ CD fi 

~^dd 'Oj3o>< ^'S 

q-m>> -flH to cs^ to 
:« <* d -fi "9 fi -S £ 43 ^ 

toss ftooja CD CB CD^S ffl 
.2 S ftw 3j3-^j3"5 * 



5P : 



CD d 'Ti 
5g«fi^ 

5 o b£. 



a -§cc3^<D-a« 

**.in r* ^ S^ 1 -M £2 CD 

msB 0<H nj C ca 

&og^ .Tj-ao 

^ft^'S^o)^^ 



fa fi fi 



iCcD-S^ 3 J) 

^flfi-gl^^S 

2 >■ C J fl 0) "^Ol CD 

3 _, CD C r* CJi bJD 

Q^g r*& S « C3^ fl 

5 fi Hi.S.fl'^ - cB 

4J C^T3 4J^I ft*— I Sh 



.2 i, ^" CD T3 

CD w"- CJ £ 

p^ 1 " Cd 



5 w 

^'"S CD 

5 8 g 



* !> 
CT 1 CB 






cB^ggfi 

.3 .-a S3 ft o 

S S CD 
+j !> 53 CO CD 

•Sis .S3 o 

fa— g cB^i- 

<ti S o - S 

^ ft-^j3 



"IS 53 

I B» 

CB CD 00 
^ OCX) 

§ ft 

to g5J 

2^5 

ftoO 

CD XI fi 
T3 fiM 
C ft 

g «o 

1ft° 
§g» 

co $J 



SQ cj-p 

- Z&S'* 
m55 °m-S 

ST 0,13 co fi 

ft.si^§^ . 

6t< to CO CD 1 ^ 1 

.. CB W -o "S 2 9° 

S^ -rt 8 B-22 

« CO ^ iJh fi CD t— I 
CD _2 XT' 1 " K O h 

- ft fi f « . fi 
™ O* m CB COrrt 

^, CB cd S +J +3 _ 



Hfi-3 



' J g-° S- 



'S-SwS'8S5 

g 2S^ a > fl 
'fl S^S/ca o o 



.fi ft^ TS CD 



2x' 

3 Eh 



S-s 2 
3 g.S 
B5 g 



SI 






fc 2 ft i 



8«| 

- ra a $ a >> * S 
C • rt o> 42 h c5 
o>ta c a°^ 

^2 « o's g-s « 

ss-|°s§a 

tj Ti TO CO » 



-a o 

w bo w' co— < 3. 

+3'u aSH no 



,K s d u S<h S S "d 

^ fl) cj ftl) OO) 0)m'g ] 

p cd ca'a !s cd^* a 
u M CD JU gp d _, 73 

gi 2 2 § «8 S g calg § 

^.SftSo^a^M S 
5 B 8 w -d , a o 6 fl_ g> 



O CD 

§P.a 

'2 43 



.22 g g W)3 ftg O 
■Silo fc^S^ S 



S "§ -5 ci OS'S w 

■£'• S°^; 

rS • rj >» ft*; >> 

I-2SS-2 

-© a CD CJ ft 



o bpca~- • 

° <B to cu 

a> 3 id " 
cd * &,_, 

■&S as 



=2 a 



« a 

43 ft 

2a 

08 
a >> 

cu4? 

H* 

cd.5P 
ft43 

° 2 

CN C 



cB 

sS-§ 

.2 be 

ft ca 



co g 

a. 2 
CD 43 

Is 

O CD 

4>43 
43-^ 
bp co 



m 5 -S OS 
CD m O •rt'S 



a 2 
ia 

>>2 
cd o< 

cdO 



£ 


a 




+J 


a 




3 


crt 




43 


o 




,— ? 


UJ 




CO 


CS 




CO 




ft a 






cfl 












ci 


r/> 




O 


a 








c 


"5 




3 


o 3 

W3 43 



*■< o -£ 
Oh So 



be 



r< CD 
CD -a CD 



a cB a 



a>;d ca O. CD 

•o a 2 *'g 



sa ro s 

CD CD CO O 

.—■So 



Sf S-o- 
2 * s^ 

ScECSfTCD -t^P-o 

i-liWllll^al 

•5-2 o' CJ t«'-"-' n cd a-^5 
^§-Scdo.2^cdcdcdc«^ 

"S a. S >>UD CD -2-2 CD CD 

§ §J cd^ ca cd aaaa 

® o 1 bo §* a c? 
"Sea cd-; 



o 



3 a 



J3 «S 
^a 



^c2 

co g 

a. 2 

CD -i-> 

a'S 

O CD 

43-^ 
bo co 

2* 
CD 

c *-' a 

° a 

CO 

13 

a .2 
J » 



43 ca ca 
, p. a 

U CD #rH 
O co C 

■c .S 
- °<>.cd 

0^-."S 



ca 

ai 

u CD CD 
& ° * 



43 
CD^CD 
O -W 

o.-d!cD 
S S^ 
S-a o 
a^^ 
bucra 

.as§ 



S^ a 
^"S ca 



h o.a 

-, CO CD 
ii-CD =" 
43 CD _ 

'S>£?a 

.3< O o 

.se„ 



>. to 33 a n 
cd o <fi ca » 

cdO '43 



SB cd a 
.2 43 .2 



JL O >H CD.i >h 

O t3 3 43-0 

ai3 c ^ a (3 

, CD 3 O 3 

"ca33 a ° 

'o o co "H b0r2 

cd & d 13 a 5 
co -_s 5P-a s 

► a 

-^T3 (h 



bB j 



CD 

ca o o a cd v> 

o is- *j< g 1 ^ 

ft1-a§Bo 

CD O mi, -O 

^a-ca^^.2 

t-s a 2 ^^ 
a-afe-a^ 18 ^ 

W .S a a 2 3° 
tj cd ca ?42 ca 



a a a >, 
o; S S e, I 

apSaJrg 

■S s a|^ 

4s >h o " ca 

a fD O g CD 

i "0443 ca co 

I S.SPrn^ 

£83 So 

"S,bD>.-t3- M 

e^d d cdt3 

. Jt) ^ CD -d 

^ca 1 *- O..S 
-§> 3 co X — ' 

<£xya3 2 

SS I O 43. 

a 2 3 2 -3 

Ȥa o g 



43 *h a 

t> CD s 

"S ^ft 
1-1 



O co u 

bo ca 
ca^ji? 

CD CD'S, 

S co be 

m co - 3 

C3 CD 43 

cd a g 

43 ft P 



° - o o, 

e a^. co o 

§.2 >^S *- 
S -S ca 2 cd 

ti H rv C* CO 

^g&S| 

_ o c3 t3 _ 
!-". k„1S. fD (N 



<+* CD 
CD ^ 
bD43 

2 ft 

2 a 

> CD 

-^ 
2 CD 

43 -w 
*J cB 

cm 2 

o a 

, CD 

a c 

CD C 
U O 



:a a 




ca i. bD CDT3 

p ai bt.rf 

* o 43 <S 

a fe a a 

ft' rt 2 

a- 



S.0 



3 CD 

d c 
"43 d 

3 O 

« CO ft'g . - 

g|S fl l$ 

°-a cu * 2-2 



.a « 

.3 



cu a '. 
o ° 



cs 2 



ft-2 o a g a 

e c a a .2 - a 

S m a --2-e 

4343 a ca « 

-7?:35 o co CD 

a ft M .a c o 



tl,2 §43 



% m 



ft o 

ii=l cj P~l (^ Ch 

Sj^fi 8 § 



a ca g 2 ft-! 



hhtlOO 



•a o«og2oo43 

C3 -S — ' *j 43 C >,^3 ^, ^_ 
', -u O +j _c s 

a. a 3 

.S43-0 

a cd *S ■ ■ 
cd co a 



CH4j co m-~* 



a-5 ■m'3 
B^agJ 



a ca ca 



a « 8 g.-gjS a 
>,boCD43 fi.o|fi o ^a3-g 

^-g^a^s^gaas- 

>ig u ftcD43 oS a 2 S 
oaoj^MOidO— iSS 
ft -2^41 a % K..2-2-3 

B'o.OE <» .2 4^ -S P 
^ SO s ft Js 2 2 g 20 



a e 
o o 
w u 

be v 



la 



ft CO 

a§ 



e 

e 

II 



cu o 
•« fa 



a gig co fl-c o'B 
is hn jc« o SP 2 

o-S 8*8 P a> dS 

sj-r * ^Mli ?* c 



.5 ib 



&ft 
bo d 



O i-( ^ 



£a 



2 M 

cu_x! 

fe»"S fi 



o-H £?3 ^ 

G CO C "3 u w o 

(D O 0.13 B -3 co S 



^> CU "3 B.2IJ EL «eP 



^ fa ft >. 

Sr< — i ^ * 3 rt 



s.a 

CO o 

-> ft 



3 . $ cB ! 



■s d.! 



.5 o^'S- 

1 A "-0 >, g<=3 



a o)S,o^ fl B 
-o >> C0<«- 3 o o 

■c,2 g> g c fi 

oj:2 o g - eg 

'SS-uoB I 0> CO & 

g fttt-S-S cu o a -a 
B„fl ca -3 _m :2 -8 1_, 

„.SiJ § S fi£ a o 

MUiNlis 

S ^ g >>" O ofi § a, 
«c? . pB ,_ *G S 



b a 



V o 

> CO 7? 

o3 a ft 
.2 S 

oj -C oj 
-B B_ 
:a oj 
«<-. >-i -3 
o -£ co 
a to 
_^ o a 
■B o aj 



3 a a 



•3-D 
XT 

£ ■* 3 

(Tt B 



lit- 

£ a a a, 



£ a a oj 
(£ oj o3 > 



OJ.^'B'D 



+J O o 

'BUS 

o a » 
° ■§ o 



aj 



^2 bBOJ 

to *^;a a 
g-Sga 



! « ® 3 

sg -a S o 






^ 2 fa 

oj a o3 

OJ g fi 

B e 2 






§.2 



ova 



-Sao 

10 O ^ 

«oft 

- 0J-2 

.2 S3 

-u o 

S'E. * 
.5 b-b 

3 B -w 

.3 ® 

u § OJ 

.2§e 

■3 w co 

a bjD'-y 

O fl s 

"3-3 o 
•j3 a a 
oj a 



oj a oj 

fa to Jh 

2-2 a-B 
S o.y 
.2 « a 13 
-C.S3 b-Stj 
as p a 

^g^B 13 
i3 !M- rt aT 



a_gSa| 

B§5S-^ 
o S^ p « 

"S bo > 

fl 10 jj 

to Ih-B Co 
S_2 £ O 03 

nc2-B P 



oj-B. 



^S 



OJ 



OJ o*^ 



■^e<-i 



*a-2£ ; 

, — , oj 3 to 
.O UT* 

C4-H -t> > 



03 +j a 

fl-O o 

*-C oj-g 

tsta «a 



flift* a 
ax" a 

fa e S'543,g 



a. a 

a«& 



03 a i.'a aT'B i 

-o°^|a| 

oj p „^,.-a a o ft 

co -a-u o,-- a^ 
ft2^Sgia3 

■g st a cs8 §^ 

S ^ >>o g bpo co 

2 SS°£.5<n fl a 
» >> * >,. j= a _ « 

OJ O i >c S o & * „ 

*2si s S -b s a 

OS'S +3 a 5 flt„ Hibmo » 

-81?* ^^^---^^^ 

3 a a So-a 

H OJ 03 -B 

3 g c "g » 
5.2 03 >^c 03 



5^'B-B co^SS a 
(- 1 oj oj oj B oj S 
^^ 'aja oj a ^ o 



52 Jj i A 'U 

i-O 03 ° Z 

a 



- - c* 3 ^ 

to =5j3 B-d 
no's 73 oj 

oj a ft.2 ojsa 

H O oj-B-B-a 

oj +• -a 
.3* 0,2^.2 

« c g a ^> 

50-3 ^ OJ OJ OJ 

§g^_^^^ 

^v CO C >+J CO o 

f 3* v ,fl t< 

o/b a -2 oj 
iy oj.a -S >h 



>S »3 



cHcc 

Ijs 

^§ 

"a 

^S oj 



oj bo 

1 1 



i-SS g 



OJ CO H 



SB ^ 



^ ^ be 

"o CO -3 

« a a 

rH 2 B 

03 g oj 

8ft£ 

°'5 >> 

to m^«| 

a e 3 

" S 3 : 



S> co . 

a 00 

ft^H 



^ 



2 B-ojS 
■^"0-5 fa 



m-3,2 cb 



a -5 

I 111" 
8 1*1 

•So to S ^ 
■^ - c-B 

o a 03 a fa 

oj x! ^l2 

a C^-!*3 ojSJ 

'ills I? 

3 §>^* ft-a ai 

•3 co 1— 1 eg nj 

m-a a oj S oj 
S 03 5 co -^ 

siJJg-2 » 



ftco 



a a 
1-1 >> 



X! ? 



a ro 

.2 * 
°co a 

k'b 

o 3 
ft'Ei 



11 

S"3 



o3 r oj^B 

oj s-, 
^« 
Oj 0^3 

> fi a 



u a 
B-2 



§-2 



•Z ft<M 

ft 

a cb fa 

2 » 

S o > 

«TJO 

.2 coZ 

OJ o fa 



a> 



bo 



9 J 

I a 
oj a 
«'Bi 

e oj 
13 ja 

^fa 
^a"i 

ftr-l 



$'> 3 
8ft& 

tin oj- 

°j; to 



JOS t< 



> ca 



oj_r-B 
f- 1 "B-a 
be >jg oj 

to h ' c 

a -a 

3 -J £8 



>> cfl 



fta 



a >> xj a 

'3 



a 

bo„ 

a 2 a . 
2 b 



> "B 

«fj a 

T3g^ 



•-s.ts ca 



^S? 



?> B"5 a a 



C8.> co 



T3 be 

a. 3 

2 B 

*■! 

S to 
2 fci 
ft co 

0) 

a . 

m CO IO 

£ftg 
1 '-' 

1 5j 



6 a>A 

f- 3 co 

ft 3X5 
oi a oj 

S US 

a co -3 

ftS s 

T3 >>0J 

2 b5 
S,ft o 

bo 

fa_S B 
CO +^ o 



«> oj a 

a B oj 

bq ft « 



^ to"" bo 

Olo fa. 3 

0C.3 
a co bo 



to DA 

|SS 

"3 o B 
£ CO § 

b 8 8 

o >>>> 

a &1p 

x! I^B'B 

to o o?a 
a fa 22 

£ cu g, 

S3I2.2 

,2.3 -g to 

.3 . ft 



lg 



CO 



a ™2 

<-s"6 OJ-B 
T) O OJ 



"55 on 

e S 



"a oj 
OJ oj " 

a a-a°o 

ti OJ fios 
aj > a^-i 



CO 

II 

c«C: 
s5 



£h CD 
X to 

eg 



cd c S- • 

a_2™ § 
ca-a "g ca 

I ca-rt-rj 

3 8**.?, 
■c o> S ca 

a a ** 2 
^ CD d ca 

'S >- CD 



e p 



Cuts 



I 2 







a o o 



a 8^2 
•£ fc § » 

O.CD *h 

**<« 0,0 

0,0) +J^4-l 

2 <d^?c 
3"S ft_2 

o:2 ftfta 
> S)CS «g 

>-j a>2 P >> 

ca ^ "rt o 

85 § * ft 

!-a a s. • 

££ a 8§ 
„ en x 



u S^5^««S 

oj.h ? o o i 1 



ca a) a 

o. !>- H 



2,^2.^ 



ft's 



1 2 3-5 

to- © P 

•23 g, «< r, 

to p< ™ to e w» 0> 

-o £ ca^-S^is 

•>o CD fl> r 3 

I. to r>^5 -u 
*? C2 k. ft--* to 



! O (£i o 



CO C3 

ca a 



s5 o H 



2 S. 



a§d& 

aj * cj c 
-d 2 m «> 

° io-^ 

^ ft£ 

S^a« 

2 i- 2 » 



5 "S I? CD CD d-*H CD » OiH\S © 

ft 5-T<-^,S'T3-B'a *£> >h cv^d a ass's 

Jh to flcacBoxl >0)c o cd-£ cd 
go 3ftft5+3 o^a.S 5-q £tj 



■ co to j ana i « 

&2 a) ftg t <u £ 

^- ftSH ^^ 
"S « ® fi 2 o « ^ 

• Ja aj a, « 2«>tj 
•g 1 © ca S^'ft'S-S 

2 G ocj t< _E'<jj-w 

8: 3 JB S- s Bg 

i'gG* e >>S o ft 

o «> — — '£ OT3 23^ 
-^ S P.S«« 2 Si 

o>=3„jaftoi-2e 

a oj s ca taxi as 



cu <u 

is 

M CJ 

ft 

o 

.a * 

-I 

o> ca 
Oft 

1 » 

23 

^:& 

CO K 



<Drt j-s-p ca -B 
2o>caajcauaic 

liHillli 

^8la^fl-1 

SbCi3^b-2cft° 
-S ca u ca to ca * ojt3 

- g u a « ca g g 



cotj 
J3 2 

£ a 



2 <u g<5 o> 

.5 § |5 J8 



ca ca 

^ a -s . 

^3 CI 22 Q-- 

^ ft ga °!<2g 

.2 o d ErS^ o.2 
j3 hoca cu o<i+j-u 



1° 

52 

3'ca 
■B ft 

*» b 

ca ca 

!l 

III 



in -u to CD >jj 

^ « 8 

CD Jrj.S 2 
CBT3 cd to d 

ft^'° g5 

rt fi o) H 2 
Of* to to ^j 

uA:i 

O ft^ CD g 

«22 &c * 



CO 



S 2 § 

ca ™ 2 
.ri to ca 



iJ 6 Oh 

-a o> ^ „, 2 s 

5l5 3 g cd £ 

S 58 & a 

d » >> JJ *" tffi 

* rjS s d *5 

Si ri Ci ^ t *i 

+3 cr-d ? o 



dOJ-2 CD aj-y.A O CD 

-— I _ -z3 5> >>*« ca c3t-i ca 
ft8-6 ££ 2 ft c^2 d 

:&5 is 8 S3 2u: 1 1 






:-a>£ 

ftSid 

B C fta " fl 2 
ca cd a "d't-i'd 
o> to j, « rt^d-M 

a-s^^^-|§ft3 



§a 

to g 

.2 °2^ ^> 



«5' 
« ca S 

Sen 
ft t» 

o ° 3 * 
<u e C o 

Is 



^ ft 

S o E 

.£ & ° a 

S x 
5 _ « 

►5 o d S 



A >> A 03 3 J >, 

u &, O 3 3 te 

■3 U S cog 

i..S-iOin, rt 



■£+>•« «■« x ft* 



s .H.s*§11 



•s a 






0> >> 
"fi 3 

5a S 



s — ; 
as 

01 



X 



»• Ih 00 

^3oo" 

|.Sb 

u eg 
83 93 



s? 



-a ft-Q-o s * 

'flBhSsiSii 
J ftO « 3 e 13,2 

■3/ CJ ' ' -3 ^ 

„ P __, o 0] d ~ fi 

3 fi "5 3 rt -e T3 3 



8fi 



3E g E-a -a 



■c"5 £ 



ft ® s3 a) c „ § 
,3*5 ' S t S E gfi 

3 -w -3 ,3 T3 ,-. .£ S 

i -a Sra fi o ft g 

S 3 « O 4) oj O u ^" 

| 1 S| fto-^ 5 

; « in mot .-B 

• , ft y *£_ S ® 
J S » a "-e Q « S S 

" S'S S hr\ h s « 

• 2 «.2 °3>< 3 fiJl 
•B T3 fi ftO I- ft 03 



>*) 03 



Qj 03:3 
■3 Z.J1 

03 *> _g> o 
*4— I J>> 3 03 

73 -{3 g w 

O 3 C d 

ls rti M •? 



•5 CO CD 3 



S« 2 8 
1 8-2 « . 

■fe ft 3 _ "Zi 

8P o > * g 
a S, 3 .2 fi 

"*H 03 03 >- fa 



3 S^i^-ao 
2 P«> Is 2 

£ £ w 8 Ml 

T3 fc bD 3 Co . 

CO . u 2«H 
CD Ih 4) JS ft o 



.CD*" A 

ra ° o 

- ' 03*fi 

■fi;3 a> 

*1 +* r„ 

j) g m 
o © fi 

_ ^ 3 

0); 



£ ja stE ^-i- 5 »•- 

? -. 03 V -^ fli -t-* r^ 



03+5 U . " 2 
-B O 01 03 -TJ g fe C 

ft°^ 

138- 

lis 



J5 g-3 
■" o."S 



«B S 



-3 u O o 



~ 3 K *< S 

3 fi 3 ^* l— ' si 
Q 3 9 a) -3 

_ 2 t C3 P 

2 3 33 oj3> 

«■":« u ss 



-3 

IB fi 3 

0-3 3 
*C-S 

.2 3-g 
g^fi 

'Si a) C 

•3:5 ™ • 

03 0) >> 

3 ofi CO 



0) >> 
_> +j 



S4-H >-i 
03-OIO 

« b2 

>T3CM 

fa fi 8 
ft-rf 43 

2-3 S 

f— I -" J - J 
fi a» 

i|™ 

"0 «cS 
m C 3 

•» 3i§ 

« 3 y 

^ C (S 

«t; 3 £ 

^^3 

.o fi 



3 B3« C 

43OU d 

8 * 1 u S 
aj.2iB 

^•3 — ct> 
^fi fi fi jS 

^ £ Jh ft « 

"^^^ fl-2 

CD O 

"C -a *3 S 3 

2CU ?> 03 K 

S S § fi 
c &, ftS 
-a fi s 

'■B fe S O 03 

o-S a, 8 s 

C fi-rt'3-2 
P fi ii 3 

J? m S In „Q 

3 o25 >,3 
•« fi Sb j? fi 



3 i 
§ Q 

*S 
03 =a 
c 3 

-2 bB 
01 e 

■g-S 

5 9 

s- C 

ft -a 



H 03 

I CO 
^^ 

■3.3 id 

§ 3d 
-3 IjH 



3 



CO 
-i3 !h 



3 o 



CO fi fi A 
o o ^ r „ ■ 

2-°fe 
E 2 » c- 

r^ CJ O 

j3 3 ^2 

11 = 1' 

tt fi 01 fi' 
C oj 3 

a S 3-a 
* fi S 

fi 3 •- " 03 

►£ <b <u a 

^~. fc< C H 

co^ o -a - 
3 c 9 



a3 

c 
3 03 



ooag 
£ 2_B 



3 c^2^ 

03 BOO ° 

O 2 05 9) 

ft HH 4S 
O fi 3 

*■< 03 _r-o 

ft gS 

C U J1 

a> m ~* a) ■" 

I -- 8*3 

a.> Q 8 

s2-S 8 

■B rr) 3 2 
c> <13 CD 



^ 



« 03 cS 03 

fi b .S CD 



-O i 3 

g^-8 

3 ,- . 
, £?*i 

-S'ttfi CD 

S ° c2 

ISP 

so 8 g <* 
is !- o 5 

« 03 C T3 

1 1.^3 

■5 3 CD 

fo CD B£ 

,C 3-o 
^ O— 33 

'-• CD 2 
3t3 h S 
- — CD ^ 
.-3t2.ffi 



•2 >>■- 
— 3 

ft !- 



_t, L C5CD3^2 

s hbo ,, ft. a 



c a 1 5 ft 



o ft 
5D »h 



03 03 



03 3 



3.2 a 

£ . 3 

03 03 CO K 

11 - 13 2 

|=S co ^-S 

- § •" 3 bX)3 

^^ 8 .2ftg-2 m ^ 

_ 03 >>fi S -S.fi 03 

j3fl3!fi.Sfi6S 



"S6 

S 3 

g >>gfi 
-a g<2 - 

■•B 03-° 

3 



69 



o 



c co 



L 3d, g 
<g> cajy o 

<a +» Ji3h 

*» &r2-2 

«u 5 3 



•2.2 <&•£ * 



u o o^-i 



0) « ■ 

~5 U 3 „ 

cu X ,„ <-> 

<uJS 3 

t. . ffl3< 

9>SJ >- O r 

o *« >- 
*•, fl> o 

■si ® iS 

CD^ 



«, a S 

*3 3 cd fa 

•« o > w 
SEC SS 

B 

.2 ™ a> «T 

** CD rn u 

a Si? 3 

it* 3 2 CD' 
T303 3 6 
t I r o_ 

§ '-'^ 

g.a £ 



o 


>> 

-4J 


CI) 






a 




c 


to 


ca 



- 3-5 

<u cu „ 
"y-3,o 






-c-3 o> 
■« 3 3 

3 11 



§1.3 

<» 2^ § 

co<£ 60 

s^ ■ a 

uT3 J) ™ 
XI £ £ 

°¥^ 
3-h 3-s 

m a § 2 
c'aJ g 
a is • 



ft-s 

CD CO 
CO +J 



§«3 



°S6 



3 -3 C 
O tn p-rt 

3=3. «g 

■s:g » I 

B . -3 g > 



9-3 



-a s-g * 

-M CD 

a*5 £c° 

u cdX-O.O 

Kj3 caU 



^ 60 

ca a 



h Q 



3 6o a> 



-3 3 
3 3 -^-3 2, .3 
Si'SP "jS?. co go 



^r2 

tj -3 

o £ rt 

o.2 i) a> 

'co-3 >» 

dV 3 



co-3 
3 

2 S 
co ca 
"5 ct> 

2 * 

*s ..a> § 

|ftg-£ft»| 

53 .5 CU CU 
-i3 -u _Q CO 






_ So 
3** fe C 
53.2 CD CD „ffJ-.gT3 

••a « « 2 o 1^^ 

£L U ^ CD >> CD g 

^«| t a.a , B.s«s 

cs cd a he cd 
cc 6o ca ca -D 



SP>> 



^ 



>>^ 



a 



* 3 ®J5 



CD 



>2 s^j a 

h 3 ccj co 



S-M 3 ca-M 

•— (- ca 

CD O ^3 CD O 

«• a u a) '-S 

- ^cSS 3 

O CD«J 2 & 
^^^•S CD 

■s -sSr 

gO CS O 

,jO u ft 



«£) a cs 

aTS-P3 

"« Sr2 
<"-2 L, 



■S > is 

t. cd"o 

jj CD 

o ,„ a>" 

w CO o 



^'3'd 
•t2 3 5 

S u 

"Q< 3 

o ■ ® 
C-2'2 



— a^ 3 a 

3 ^ra 3. 8 

a^ 3 3-3 

|g| 3 2 

a cd "3 >- . - 
3 J5 e cd h 

co -o 



S 3 2 £ 

'•S VC *" -j 
o o 
3 3 

CU CD - „; 

T3T3 2r 2 






w is ® 2 3 



P) ~ 

_H 3 

-o\2 d 
a-o cd 

3 4) 5 
"3 3*3, 
* *fl 

>- 2 
oi-j3 

'S £8 

a to 

3 3 

CU 

CD'S S 
j- CD o 
+3-3 O 



« a 



CI) CD - Jt 

Z3 3 

"jig 

S3-S CD 

e S g cd 3 

•2" rf 313 3 
— t3 3 

53 r- CD CO 03 

•g |.agJ,S 



j3 s >-i o (-i a 

o CD CD 5 3 

-3 Oh 0) Org 

is-g g § s 

• t- Is ° 

g a.c a*a a 
.2-3° o 3.3 

t5 rt .-a "8 .a — 
s cs a ^^^ "* 

*> co— y-5"* 

_ CD rt X C5J 
Q,-3 — CD fc< . 

sr-g 3 4) o 

' -* 3 a) > 2 
O ^ 3 J3 

"g 3,3-^ « „, 
3 _ ™ o -3 -u 
■H +J *r- 



a 



b 3 









c« 


CD 


ca 




br 


a 

a 


ca 






61 




i/i 








O 


t 






CD 


u 


OS 


CD 




a 
_o 
'-^ 

01 


la 

CD 


a" 







3 


JJ 


a 


T3 
0) 


CD 

E 


CD 

> 
a 



o^ C 9 

- o a> > 

co " co ca 

•U U B ° 

llll 

■n ca >*> 



■3 ft CD ^ -3 CD 



3^3 _ 

COLO 4> fa 

— t-H > ca 

-rt j, CS CD 

ato-3 >> 



boa 



X! o g«i- 



3 



iJ 3 



3.3 



-3 £ 



S q ii a j- ca 

O -r- CD .3 *S 



,2o ft 1- 2 

** O ft O 3 



Adl® CD'S— 
t& _ CD COCO^ 

3i3 s*-^ ca 



3.3 ° 

$3 3 



•a* Safe 

30— ' § a, 
-3o ca-t-2 

5 5 -§-3 

e & « 8,2 

~ -7 CD ^3 
• 3 >> CD 4) 

23.-28S 



^co S.ro-a 



CD CD 

,3 >> 



3 o 3^! 

J ft^ £ 

j- J) rt ® 

><*£ .^ in CD 

a 



_a 3 ' 



3 ■-- O u 

3 a. H x 

3 v- ffl «, a) 

-3 S o 8 sp 

o a. ^ ■- ca 



saL£ a 

ifc 3 CD 



S 3 2 

co cd J3 

26 3 

CD •" 

2 »'C 

xi j- -S 

■w 60 c 



3 60 

S 3 

60 

CD fa 



ja-s 



c? 



t-S 60 ° CD >- 

^p .a 5 a 8 



CU 

-a 



•5 => 



G42 



2S 






a 



a^ 



«.2||o-S_ 
^1S S < U 2S^£ 

& 3 S 3 S>0 73 --n 

. 3 O 3^ O.Sflt 

3as1§§ 3 ^ 

CDcD U 3 cB 3c3t--3 

a S^^fe»oca 



3 ca 



>,cn- 



00 noufc.S C 



i CB-W fl i ,' i<DCD_LCD 

■ a e9 ?>-a*s l^sfl 



ca 



en 



3 3 






>> CD 



a e 

" co 3^">»r-3 I ^T3 h 

■S P-S a^^- 5 fc-cu 2o.s 



* -3 



£rs M 2 » O OCD cdcS 

-3 6^-S -2 ?„>.§' ft -CDO 

ft*o-dJ.3ft*B^ 

^^-^ »*• a) 3 2 <D° >>! 

^ s Is p ° : 3-3 



§3 

CB'*-' 



sis- 1 - >, 



-3-2^ CO I - - 
^3^2-233X3 3532) 

-33o=3.2cDca3-ea)j3 



>-3 c8 co o to 



3 I 



sis 2 3 

ca Pn-a 
0)33 
co cd^3 
ca - 

-3 §3 

+> O 
O O 

+» ca o> 

co-PB 
+J 3 

IS* 

S.a.2 

3-°' 

t, 3 3 
0) ca co 

-2"Sg 
a !- — 
g; £3 

W CD CD 

-3 fa 
co ca 



-BififlCBtifeOD 

I'si §.2.2^0 

5, ^ "C +3 -^ CO 03 

CT 1 D H ,T5 k^ CO n rn 

b CD S-3-3 fl. 



CD 



b t P_-- 1 a) a .2 3 

§sl1§I».a| 

xj 3"^^ 3 ?s 



PQ 
03 ^^ -3 



a,a> 3 3 

So o. 

CD CD 3 

ft'3 ° 
•-^ ca +j 

3_-e ,.- 



3 co T3 O • 7! 



o ft ft 



g^-SiS-glga 
3 ft 3 aja^iso- ca 



S-8 



W ca 



i-aa 



0) 



0) 



s ~<-2 5 

"2 ft-3 

g -«5cu 

.S 8 2 H 
co cd-3 -mco 



a 8,i? 



3 -C 



coja^a 



u co 3 



6^ 



tS) CO 

■s.si 

It's is 

~ft<2-2. 
w g-2H 

0} CDtO 



— .2 2 



o> oi S3 
* n 2 b'S 
§L£ a3-2-2 
g" g »• ft 3 

°<£© ga 

^lO 0) Jh 

.. s 
>3 co 



a 5 -! 



o) _2 o> >- 1-3 a) 
•cS a. <u » >>» 
w d ft 5 " o " 
-^ _ c o --H o) 

g-2 8 2|g"§ 

3 co -d C -h >— ' 

&&-3^ 



cfS 



a o> 

CNl a; Ah 



-3 5 






a 2 ~ 



J- 03 <» 

+3 CO -H q_. ~3 

XI « o § 

CO oi CO 



CD 



o,o> 



F a -3 



o> 



«-^-S 



OT3 be P 

^ fljH 

■g 3 5) oi Sf'+j 
a ca o> ™ s oi 

a B11*:lJ 



£ I«S 

CO 4) 

-1-2 

ill 

£ 01 CD 



8-^s 
■32 * 
S.SPoi 

^ s 

g t*H CO 

o o to 

"co 3 «J 
3 o-g 

■as 

.g g.J2 
Jh ic 
o aJ ro to 

0-3-20 



w 



1-1 — . 



s3 CO - 



3 co '3 T3 
"0~CD S 01 

.2 2 a> 

05 a 

c0^3 
g^g 

s o 33 ' 

§ §3g. 
'■8 o .2 

a S-~"3. 
•S«g,g; 

"T5 2 ' A 'B ' 

Jf.j§ 



0) OI 

>,3 



co 3 

CD 

Oo 

CIO 
K«3- 



i u 3 

-2t3 
) CD CD 



fOJTl » b AX) 
Sin S !hT3^ 

CD co :> 5> oi 



b2 
i"ft 5 



coW 



3^f 



2 

s a- 



o-2 

*" co 


O-G co 


a^g 


-5 §3&h 
"3*80 


3^2=2 


Cj CD 


-OT3CO 


CT3 



ftoiJ S gcg: 
S S "CD _ -S CD d 

coO CD'S "S o> 

i"hC "S 'S 

1^3^ <"qL, g g a 

! O g CS^ 1 O 

t, j3 _Oi ctf 

O » _■ C0 1313 Jo 

* « ^ « fl 

M H-H h h a 

CO » S CD CO 

:=5<2 fi^s.is g 

O CD C g O CO O 
T3 T3 CO 3 'O i-i o 



o. 



W S 



f<] fi 



3 


fi 


c 


o 


o 


m 






C3 

e 


2 


~M 


o 


o 
o 


o 


U 


| 






3 


JS 



CO C 



e o 

■s-a 

11 

"8 ft 

§1 

° I 

3-25 
9 



CO CD O 
co "^ t3 

2 - ® 

IgPn « 

c w d 

H Kl+j 

g »'g 

— Oi - 
- CD g 

1-2-8 

"g g"3 
g §-§ 

CO ^5 

S-S3 
CO cfl 



^ o 
d c" 

g.2 

»l 
3 * 



cO^-C 

e,:s a 



53 ® 

a g 2 a o 

r- 3 g 3 

HJ-g-B 3 3 « 

jh d s §^-g u 



s a|-^8 

™ ,H4J c-Sg 
<u wag 



d CD 
CDt3 

co d 



•« CO 

t-J 2 • 
-So-* 

-ScO 



■25tf 



I" 3 Si OJ 

"5 2-3 



3 

95 


o 

CJ 


$ 




H 


-4J 






-c 


3 


3 

o 






i/i 






2 


o 


3 
-Q 




c 


i* 


-t-> 




o 




(-1 












M 


^ 


u 


+J 


B 


c 


CU 


p 


■n 


r/l 


jJ 




t. 




r n 




a 


Ph 
1 


c 

O 


c 
o 
-C 
o 

3 
T3 


s 


•is .-a 

sg 






3 


-d 



"a 



9 > 
e o 

•-a ^ 



3-2 



k. 




£ 


c 
o 






m 


rn 


CD 


C 


3 


CD 

a 




CD 






CS 


>> 


u 


_o 



1 

3 

S 

C.1S 

Is 

ess 
s -is 



3^2 






CS 3 



£<H 



- S 

-hi 09 

-3<S 



<li .j 



c 
SR-3 



CS to 



2«d 

IS 


iri 


s 


a 




CS 


CS 


►> 


a, ft 


o 








1 


CO 





aJa .g :§ 

I 






co:3 

-w to 
cu CO 



S >> E?„ o g fe o CO o B 

~ co i o-£"3"3 oai 

3 ® S . «3 S«c2«So 

C &2 » -S § 

cS g 343 o g 
2 u o^>^ co 



s g g 



eg -a 



i« 3 



Co 



CO c 



" Cm U <$ *— 43 ? u S T3 m 



gT3 4ti,2 



.2 s. a 



rt a h 

C co co 

3 ^ 

1- co 

3S$ 

as 



a<2 

CS CS 






coo 
ftoo 



S<2 



i cS cS 

' g s 

Ji2 



U ,S 



3 > 



J3«*H 



Mo C-3 C 09 .£ 

-35° X) cs o co o m ^ 

J3 tw ft 3 >>m ^ co co 

~ 2 g ft 



-a.S 



>,» cp-a.s cp o 



9?>>S?>>Po)V, St „, >> 2 +? 3 



S R 



o > 



^^og|32 
-i3-q< o~ ftft.3,co:3 



3 >S n-S s 

2 o-s co 2 a 



-43 Na 




M ^=g CO £ « 

p ^««u 09 

-u CS O CO O 



n CO co 

ft 3 a> 
-w.H rrt P c 

8«>> 81 

5 9 C co uX 

^10, CO 

■H^H A CO 

c o -u ho o 

g COT3 u 

co ft S e 3 ho 
co co.2,3-3 3 
j3 t, -CIS cj.3 



S=3 b 2-3£ 



""^ .„'<=< 3 co .. 



$ o co 



1 aj cs 



"° 5P tn CO O 



C5 S- 



CD 



CO CO CO 43 _ 



S-2 

BE 

o 

CO m 
CO CO 

.2 "3 

> CO 

a*. 



U 11111*11 

j3 ■«co.Sc-)ja,^o 
tl-% uoo'm S -"en 

| 2-^ ^^ £ « flH g co 

2 SP * S 9 fi «^^-S 

^Bas^s ®- &^ 3^ 




CS 



►*CG CO*Hti_(=i-*^^' 

j. ftcocotiSco- 
cu-w >>coco^aicsu w 

-3-3-S ^^ ® « jg g c 



^^ 



ft CO 



£•5 ■ >> 8 

'D" H co J^sS 
co co co _e ts 
«3 co >s-5,.2 
^3 co o.SP-3 

™ O ft^ 1 CO in 

co Jo * co <S -2 

J) C CO _. -u 

cS_cS 
-3-3 



cS co 

3 ° 

?tL3 l_e-3S5 g ° 



iS -^ 



° ®"3 3 

co 3 ^ s 
S +j a) cs 

a c 3 .° 

o co co co "S 

CO 43 ft. J g 
*a Oo P 

s^^®fe 

co is -U.O ft 

-h3 COS 

^^d cs Soto 

u ;3 co _ 

^ co co -y co 

-,-s co * £ 8 

ffi^ri <ut3 a ® 



CO 1 - Wn3 09 >, 
m CS > "o-^ 3 



•s'Stf . 



.S 3 fl 



CO 



_ CO 

cS UJ +j 43 O 

ft co 2 '" 

^-3* 



iJ Bc=3 



CS 



3-43 M-S 

- <o -3 

SJ'Jfl 

43 x 3 CO 

J. ■" S j? ® -o o £3 

Z^.SS «S -e . 3 « 



<o > o 



a? cs 



a fe-a 



CO CO 



sjsfe^ 3 

2^^S^0; 

£ <o cs g bp! 

H .a ^"stS 2 

'S 3—< c° co 

3 &T3 » g ? 

CO U >h JO o 
U CO CS ft o 



.« 



^)to; 
CJ CO 



Os 3 



) O co CO 

H co^ 
> CO CO m 

) >> co o a to ta 
■"S ft 3 CO co^^- 

f ^SJ ft 2 >> 
l^Si <o co 3/3 o 

33 4343 3 C045 

cs +353 a)42 ft 



"-2 S g a) » 
s co S3 



JSjsSglsg.&.g ...3 

§ 2 SL ft ^, 3"Ss « 

3 09 S-3 2 ro 2 

g 09 c 3 -u^h 3 

s'sg c r g a >. 



.w co 43 



3 o co 






u 



ft«4H 



^3 
^^ g 



a o 2 ft » « r 2 

isllllill 



ft-^ 

cS 



2 ><^-S 



.« 



•s^sp^yi^g 



co cs-2;-3 

ca 8 "JV^^J cs| 
(h fei^>-a s- ^ a 2 

> 3 o_o ° . S 8 2 -. 
cB-C09CScSftcoO.3 




01 

s 


03 
ft 




o 

X 


T3 
CD 


OS 

3 


ci 
















i/j 






CO 


crt 




CD 

co 


0> 
CO 
O 

X 


bo 

g 


X 

C*-H 

CO 

CO 


-M 
CO 

CD 
CD 


M 

ft 

o 


CO 
m 
03 


ft 

CD 

co 

Tj 
CD 

3 

'3 




co 


crt 


o 


CD 


co 

3 
3 

bl) 


CD 

a 
o 

s- 
o 


CO CO 

m O 


CO 
CO 
CD 

g 

CO 


CO 

bo 

g 


g 
'3 


g 


to 3 

X 
CDT3 


a 
o 

CJ 


XX 


8 


CD 


g 


.2 


be 

3 


CD 


CD 


CD 


o 


3 
-Q 


fc'S 


(J 


-Q 

01 


>, 


o 




o 






ti 


O 




o 






m 




















W C(5 


01 






to 
cd 
g 


CO 

CD 

s 


CD 
X 


CD 

X 


CD 




s 
c3 


co 
3 




T3 


en 




a 

3 




CD 


1 


0) 












O 










c« 


01 


3 








o 


M 


s- 







ft 03 8 85^ " 

!h »— ? 3 E 11 X! 

cd a,™ .3 3 ^"g co 

co cd 'r 1 3 ij H >£. 
3CDfe:-3"3^S 1 
So So ^ -^ B »« 

£ § co g g ft-E 

£ u in « S » 5 to 

,3 CD_e -M CD X 3 CD 

oB-^ ^13 3 *> a i o, 

-£ CM .-£ CO _J> 'oS m £ g 

3^C^1o 3 S « B >h 

co 3 co X -=! & o CD 



§ftl 

i£8 

<8£ 



T3 ■ Q) 

CD .3 bl) 
X CO 
CD CD fe 
T3 bc^ 
.S_cO >> 

w 3-r 

o 3 



CD CD fe ft 
3 • i3 CD CO ™ 



© ft™ 3 cox) 

"5 -,-h O 5) 

•3-n 3 ^5 

CO o 



a es m B.grg «, 
co co cd a> co — 

S CD -"T3 CO^ 



8 & i 



%< 



o bc« Sh q, 52 to ■ 

CD-3 bD u a, 3— ,-a 

§ as "tj g b 

' '"x & 1-S^ 




Q >>X,2 ° C r=? 

Si 3 §-8 £ -§,5 a 

1 * , _iiHOq>cB"S l 

Cm T3 CD-h—h S 3 
O CD ft ft be 3 CD 



i Cm I rrt CD t * H 

S--S g s -co to 

t? g _ ft s to _2 

cfl 3 3 3 d - 1 
g' .8 CD 2 * 

USUI'S 

^ 5 >>J3 *" 3 2 -m 

sa-ftScbp^g 

w 3 S «i c0 .S'ft-2 

•« CO 0) cs-g-g g g 

Oil «) ISC „ r| 

co.S-S-Sr3_, CD s 

CU p CO CD h .2 *" .„ t 

g'ftS-MCDcDS-E 1 
S_, ftm >^ftC0 « . 
OflSB CD o 

"•g 8-° s b >> 
j; ? k.,3 ft >> co w 

^~ iv O -, m "S, 

t^T3 „ ^ =« S a 

>C m bo ti « ® 

o -a cd o rB ji 

ft^3 <Dc2t3+3 



CD 
ft 

..8 
£8 

be 



to 
CD 
CD 



O ft 

3 o 8 

2 8 • 

S 2 » 

ft- h 



^.2*= 



™ i_ ^ 

CD " 

8 ^n 
d "ft— 

sil 

;lO CDS 

o«*-x!2i ft-a 3 

3 m S to C«h c 
H 83 O « 2 o,a3 ft 

§"■3 B-o* ►*• 

h to w S^S 3 

=0 g cfl «S3 coO 

<D cd CD - CD 

^ ft^ § <o 

S8S™ 

O CO 
o to 



cd 73 

■£ 3 
o ■ 
3 fe 

tScg 
c+-t CD 
O CD 

®-s 

^3 ft 

88 

CD CD 

3 S-T3 

CD 

o~^ to 

■ rt-g co 

"S 8 3 
tO 3 CD 

gc2 a. 

ft ^ O 

8 2° 
S be to 



28303^0- 

3 & 3 g^ tD 
ox— R-«C 
Is *3 -rr > <d 
l> cd 2 n SI 

«g 3 CO 
3 **■ 
CD . 



8 s 

CD 



ft O 
to +" 
CD 

co2 '- 1 
*co CO 3 



4Sc3S^c 
a a,jD x to 

CO ■** CD fD £» O O 

co* 1 ftft-5 Js 3 

-g « s 8 a 8 o 

3 _ "2 cb^ 
3 o: o c co $ 

*> CO CO _ h -g cd 

.« 8 x o -g -5 -a -g 

J3-B cOCC-i3 co ? 






,C0< 



CX3 



be 



be ^^ 

MH CO -M 
CD 3 >-i 

gj-s 

W -^ S 3 

iS3--Si 

3 cd -3 
in to u 




§|.2°^ttgft 5 

f d g » o2 o 
3 E 



^ O CD 
" 'X 



sx 



jJd^COCDt-feo 



JS ft 



CD 

Jfc o - to « o g w 



ft B'3 t S 



cd-w a a 

ftS 82 

s „ o 

io 2 ®-3 

CM ft ft CD 
So CO 
>?8SJ3 



S ftft^ m 
X 2lo.S 2X <" h ► 

vy^H CO CD CD-*^ 3 

>->oJ &co B" 3 9 83 55 o 
o^cS-«So^ c 

co * as « s» o 



ft 



i_7S 

" 9 o 

CDO 
CO O 

eX. 



X 
^ to 

o>2 - 

»S» 3 to 

CLcC i-i 

6V§8 

g-3^3 

a, CD 

s.. ■ 

o o 

u 3 „, o 

< O >"3 
&0-5 O bp 



> 3 Q. 



cu e> 



II 

w ft, 

is 



> cd"0 o a> g 
.. ftg 



>1 in Cfl tO > 

o cd cd 2 ? 



cd ^ 



fl S> b3_Q- 

3ȣ2cd$ 
S cd o - >-. >> 

g> ft£ 3 cd g 



cd Si 



-fl'o ^fi 

- » £.2 3 - 



*° ,"8 "fl 

-e-^ arc 



3 s?* 5s. SSS 



0,2- 



F 1 bu. 



tpg* 

IS 



> o J- 



o 3 



.2-2 



° 3o 



a> 8 



>»C- 



h 2"!=! § 

ft o.2 



to, & 



ft cd u-C ^o 



> 2-^fl v. 

■^3-2 <U o 
O g >T3 

5 o 



a) a) a) 



£ SP 



cd $ 



S'S 
.2 c 

C -e > a> 
.2 boa g-° 

l.g'8 S ' 

(o C „ h Q 

■STtaco-n ^ 

8 0J « _ 
"Q -O u to T3 «H 

g s2-fl,2 3 Sh 

■« | fl ^cds; 
J ^ "S ■£ « 

to goo.g^ a, 

rtOs cd53 j2 
ftr-H hJD CD™ 



•0 g^- 



S3 

i.S c 

i S ca 



§ 



I *•* C A 
Q) 3 " 

SiJo'S go 

cu.fl eO CD "- 1 

^1 fl aoJ 

- ° £ g bo 

§ o g a> fl 

■S".fl© 08 a 

.u 300^ a> 



*-. CD 



■3- 

O U CO 



O^c CD co CD a3 

CO « C 0) 

SIZ 2. O >> 

^2 >>fl e 

g'Soa <S 

■s I g"fe a 
eft 10 &s 

<! o cd +3 



,-> o 



03 ■ 



.& 



S.2 



H3lF**flll8 



e-S o3.fl 
fl ■" 
.5 3 X 

S5.2 






(BO h 



S-2 



. . S-t CD 

>,-3 ft s ^ 
9-8 35 

^r5 



+* ° O CO 






•2 M 

e d > -5'C «) » f! » as 
15 So _ m-p-g 3o fi s 



fl e CD £8 O 

. m fl5 

cS.-fl 



e «, 



■9 So-B k ?s 2 ° 



g S< 



- 1 S c-f= 2 



-13 — 1 

3 ^^ 

r: co <— 1 

o o 



CD ° cs3 CO-TJ 
he '3 u O «A 



lRft-f3 ft ^"5g3Mw . 



'>>« 



o tt > 



^ iJ^ S c 2^-S §1a S^ 
rj.-2 »h >< -w ^ 5p^ -g g >> 
^ftfl^rg^-cj-^flflM-^s- 

■<-n5-^.£-f3s-iftocDOcoe 



2 ft2 S ^ 

-fl 5VG CS--J 

co -,H c .5 
CD ,-. .fl co 3 
CD S-^ v* £ 
i o cd 0-g 

!VT! CD ' — ' 1^ 



co .3 cd c i3 2 
2 fl > ■& 
g.S'^2 2 g 

fa Sb CD 3eS.S 

a ^,§2^ 









ft 






0) 


ft 




«D.fl 




^c 


g 




0) 




-M 


S- 


H 


T3 


>, 


& 


^ 


1 




co.fi 




CO 





C 





CO 


-0 

c 


! 

1 


CO 
CO 


g 

O 

a 


a> 
a> 
CO 



>> 

_o 

ft 
F 


03 

CD 


> 


J5 


-a 

CD 


fl 

CD 


CD 


0) 
CO 




& 


13 

3 


O 
'-. 
CO 


s- 


O 









a 


m 



J CO U rt 



-+J co — , — 1 

CD ™ fa cd c X 
^ CD O m .« o 



8 fl • &1 s 

^ ftS ft ^ g 

CD . i-H —*" S 

S s- cd u 

H cK ^-Jj sh „ 
1 g 03 -S^fl 
^ »h 2 >» 2 

a s «s 



? o ft cd +3^3 



^ CD 33 )-i 
.. c . CO >- +J CD 

^■T3 fe fl %- fl 

^^S^ tt .2| 
"JS 2 ® a> o -a M 

.fti —I •<-* E ^ 



a ^2 



^2 l.'0 ►.-i-9 

fe-s S^-ftS fl 

^ get; Cfl ft m ca 

? cdja cd-S bo 



S.2 

"3 .a 



-fl-fl 


O T3 


■M tj 




bB 


iod 
reg 


■g ® 




>i CD 


2 fl^g 
ft cd^ 3 




cd ft 


g^-° 


fl 1 




g'cd 


.5^ 


ed m 
ally 
age 2 


■S fe-S 



co a 03 § fl c 

^2 bi.2 ^ 

ajftgfloS 

^2'Ǥ&c 

rjj3 CD ft fl.g 

flJfl^a, 

Jt3^5 
« CDT3 _, 

3 2 25 



cd "a co 
■fc I 

sis: 

-S^ CD 

P C 



. h 



Q, fl jh 

C be cd 



S cd • 



Sfa> 



CD O 

. +3 *" "> 

® 2 6-° .2 fl 

S "-d C CD ft 

'SCSI'S s 
s >>=&§- 

CD St2 03 o >> 
^ 0- S .flT5 

0-e cS § « 

CD -S^ J3 O 
S >13 +3 o 



03 S§^ 5 

^ g 03r 

-a g -+3^ co 



0J 



i-uOrt ^ 



fl - 

co fl O 
CD CD CD u , 
CD CD CJ tj 
>» R fl CD ' 

-2 SfoJ'S 1 
7s cd-o-2 



g.2 

cd CD 
bsK 

2-fl 





c 


a 


-fl 


c 




CI) 


cd 


u. 








CD 




1 


iso 





S.2 



•2 ijS S .9 i« s U 

CDJ-i fl S-> 2 4> S" 1 

fl >*« 3 ns-d >,o 
Sog g^-fl tpj= ^ 

a § § s m * o 2 

O-Q fl » CO r O C 
-O+ 3 _,.S £+» <D c 

,2 cot3-§ g a3<!.S 2 9 
S o3 fl-fl -c 2 cd+3- - 

S^^I^^-SflSco 



,«o <x>.fl.s g 
q -^ cu "cd 2 9 2 • 



cd fl 



-fl g cd cd „ 

CD co f. o trTei fl 

ai"g-C 0J _ S 2P-2-- 



2^fa-^-!- 

>>3 



2-fl ft 'C cd* 3 



*- o 2 3 ft fit" 3^ cd 
^l!£o£o3|2 

^•9 §: E kI-oS 
a^ft5js-§^55 



o fl 

-3 CD 

T3fi 
CD CD 



s 


© 




U 


t 






CO 

s 
e 


b 


Cl. 


1 


cu 


« 




"5 
a 



B 





a. 

S e 
a « 

S S 



we 
^ 5 

g| 

cu 

s » 

a b 



S-2 

C cu 

» -£S CU 

ffi Oft 

c^ a 

< 3c 

a e 



8 a 

■~T3T3 

£ 2 2 

i>;3.;3 
£^o 

^ O" S 



I- 






co J. in t3 
Co ^ cu si 

Hrt *j3 ft a> 

^ °£ bo 
cu . -y .s 
ft£v2C 

CO.rf-rt o 

0) C cS w 

** 3 > c 

_, +j cS o 

.-So*!? 

> ft^ 

> a ca >, 

fi co<2 cd 

Ij2£ 



I S 2 &■■§•£ 

^ fl s ^^ » 

! u <u S3 g a s 

~ b0-£ > *-i43 

i , h £ ° P3 

: h. CD J3 m S-t :3_ 

:«agSTS ft S 

! a ca _ S-g co' 

'"eftCD^^ 
■S C0--3 -u ro CD 

: ° m ? co_ - r O 
JU CO (h_qt3 

C& co -j -*> £ g> 
--^■rt £±5 -S 

CM ft"S 5 m ° 

■~-- ft « g 2 cd 
«J.S Wa 



-a-s a « 

2f:g3 

u bc*^ o 
=2 S £ f 
.£ ^Jacn 

to m a a. 

cu ^ '- 1 

■pSM 
__."S ojcj 

o cd £_ 

cd >> " 

ft CD -M 

G_££ 13 cu 

S* ° S3: 



VI H 



bD £ CU r O 
O.S CU 0)+3 

ft-So ^ cu 
*j Er 5" 5J to 

3 a « v a 
« e a o 



.2 
^^ 

0) ca 

CU CO 



, . n !>, 01 
^c? 

°-Cag 

C CS'O o 
v3 ffi ti 

"cf^-S 
_ >-i CD , 

P <Uj3 b 

~ > v<2 



&Q h Si 



sis 



s&"a a 

« C3 u 

m .3 be 



CD >-i^, >> 
> V%J2 

c£ a> X cd 

coP oS 
-rH •*• e 
c- s-> jj -S 
o^o 3 
•H cs cd a 
.213 S, S 

J> CO 

O bo £ co 



O bO 
>h CD 
ft^ 

9 2 

-S « 

-w CD 



—The p 
beginnir 
er, with 


c 
ca 

bo 


ft 






dat 
ears 
owe 


>> 

3 


|>« 


a 
a 

crt 


J *S 





bq 



> >> u 

ca . cd 

o >> > 

o3 o 

2Z 

C C cu 

-S gbo 

-S o.S 
co'co a ; 



■8-2 8^?« g A 
flt S g-S,"° ft* 

-s » a 

S.Sx» 3 



Ci3 CD ca 

-^ ^ CD ~ 

ca cd ta-B 



^IS--h CU J3 



53 S S-S - CU 

If »|s'g^ 

§3^=u L 



ftca' 



fco" 



CD o 

Sg2 



cd ca 



•r 1 H cs rt 



co cu ja o cu 

. S3 



iJ " Oj n 03 o 

.3 2 9-2^ ftg S 



hi 
CU CO ft 
CO -w _ 

3i£ ca 

ca cu ,-i 

cu S3-- 



QJ 



ca c 



CD .co . 



g a _cd co co p^ji co 

coRca -"ft^C'm 

j u h o™h x -«J3cDS3 -3 

Eco.S»- < f<a><uftoi Co 'i3S- a —5 

<U C Jj _ C -u g co 



co 3,73 



ftg.Sft^y ort 
aja-s s «a 3 " q 



^ - ° S.S4J SMI ^ u 



3 P-S 
cy-O ? 



£ t»H C-3-C C3 



Bom- 



c 6*S 
a> 3 

■° hi o hi 

CU CD CD 

■O >> CO >, 

O O-i o 

,Sft.2 ft 
*8 S g E 

— CD CO CD 



cu 



-5" c 

.g-sg 

» ■© cu 
g cu -S 

c^3 a 
J ts,c 



o 



O) > CB JO — ' C CD 

18 ~ ffi cax-, 

to g oq axi ? 

-M O to g +3 -M S 

2 g „, rt « a <u 

3 K 2-3 
<D box o 

*.3§f 



3 E?^ 1 ^^ 



S ^ 2<2 gj 
<o y "C o 



bo 



3* 3 



o 3 a> 



>-, J3 



■Xl^ ca 



: +3 O^-? • - B 



ca bo 
ft £ 
n £ 



S; > o.a 

JO O CD I* 

fe *- ft 3 

T3.3X_ 

8 ^ £ .2 



03 - 



is _2 <u as 



02' 



-~ 3— ^ ft O cdcS 
ta -^ as — M'S 

2 ftc^^S H,cog 



6 o 



-32,2 c ' 



CD CB 



2 en 



CD o 



bo 



_ ID »N 

aa-g.S^g 



ftS 



to g— i 

ca ft to 

O to -l-i 



.- CUtHf^rJCO CD r S "'<<-' t acB^S2 

> ca ft ftH •£ x oEHocds-ocdB 



' S-S 8 » b 

h O TO kL M 

"".9 ° Sx 

O BTi 

- " 6 2 a 






bo to 

.9 " 



a £3 o-h^ 9 a> 



'»e2 



Se P 






£ CD 



^Xi 
0)13 



O) CD 

o coj-s a jo to^aj 

-C iO -^ 53 © -w 2 B 9 

ojj*J ^ % o +3 2 
C +3 cd -u £ ft ^ 3 t» 

S'-'Cj-.X-O CD m 2 -w 
. 3 „s*h CD ft ■-< 



ft,2 



H to ftftg „ §|^S 
Q-H §© 3£ . "S 

CB K CM CD *J«t 



3 w-s-s ^oS-cdb: o-g 

xj-sb g,* 3 > 5 c a 
§^"3 23li3gft3S, 

xij o w S .a oca 

S3 2 >>£ ,2 .a- 1 oS- 
oftce. "> - o a.ji' "> .-a ^< 

^ bo ca x g cd^h 
cd . cd ft ca -^ en j_ 
ca"cD "a ^*! ja_ lt g 

1^ ftD, g' 2 ^S§3 8§ 
^ cd cao-2-B-^ ca< cccr:- 

a£^isgS«® £ J 

CNJB-S ^ * >,+j ^ h B 
fHyJ-Tj-lCaO^ScDCD 
Sbx ? -5 ftBX^BXX 



"1^1 

r-. O 

« k 9 p 

•B .P * 

"ft ft 



•2 h 2 ' 



O ^ B _D CD 
C3 co ca-" -£ 


> 




ffective 
cember 
ctively b 
uld not 
on or af 


o 

"o 
u 






X 




^ R -S 

3 k c s 




C4H 

o 


O 


2ffl'3.22-bo 


a 
_2 


CDOJ 



r 2boSg^ tag 
8.3 o>J3 $ S « 

■« bo to « >> _J) 

a cd ca rt BP 

"QX O to"v3 ! +H oj.b 
B>( . J)C fl°j3fl 

s ?-S5 3 fe^-a- 



a? c 



1 sua; 



^ SoO-B^ CD 

-Sen ca«x 

B,t-i bo CD +3 



si" 

-^^"S a 

r><J3o 

g a) ft 

to o a 
| ft- g 

toX ^ ._ 



^2 

CO 

ox) a 



CD 



Ph a o^.S 

3 ™ CD CD .5 

x ® x ah 

ci» eg 

,"S o ajx 



22 2-S 

+J CD 4 " T* 

■ga-ss 

o t< «1S 

CO CO !ilr 
CO >, CD ^ 

.2 ftUo 

S § ^ | 

*» h 5P§ 

S.Ogu 
X u +i to 

$*■§ § 

3-c-9 a. 
2III 

^■81 i 

CD OiC 



3 CO 

ca<B 



a m 
jo a 

bO-B 



H a 
-2*0 

'■0,00 
S C35 

a £^ 
"««2, 



.o . 



CU CD 



co 



u u-2. 
^§ 

**) CD 

.53 Q 



2±vS a 



x-b ca 



K-3 O 



a CD t^ CD^J 

.S cans ca g 
>> ca to 2 a 
ft&S^Sg 

_co a>t_ ^^h 
I 



ycS SP42 









,v -Q ca.-B 
ca co t ^csh 

ra = bO CD CD 

. -= .u a > a 



® ft JS bD (U <D ^'^3 

Q, . -U "T3 rH •-*. i-h . Ti 



ft! 



e^js i a b 

3^2 



— JO CO 

- os .S3 g 



> o 



fi§3 



S^'S ca (- to .3 cdt-i ftC 



o ft_2 ca o' 



a 9^ 
tg'g s 



< b & 



jo+Ja)ca „ °> u£ ra js, » 

3. ^t2j,ca« 

&^ CD ° 3 

- u, t) U 81 0) L ffl C 

tx«J?c322 »H+i 

? CD -S ftt*5 ft 3 



t,_ ca . 

°bof 

2 CO* 9 " 

to to 3 
,S3 » 



ftr^ 

c? co 3 

35 * 



a co 



g xo 



3"ca »- S 



%.IG CD — * 

S4-, W ^ 

>>0) 
CD O CO 

-M 3* CO 

9 h 

+J CD CD 

ft§ 5? 
to g ca 



Jij-co a m 
+= 3 s ft 2d 

° E 3 0)-° 2 2 
S .2 i gft| fl 2 H ft 

t*— ( CD +J B *^ 

5j x x ^ co ^ ^h 

■^-^ ft^ m oo g< 



cDsm -a 

C 3 3. 

CO CD U 



pop 
E ca ft 



«.S3 £ >,! 



-BXCOt-iSO^oCD 

•" to ^ ft-- p £'gcQ 

<; ca_T3 ^ !a_i ca — 
^- -3 — cd ca^< i- ca 
S«-2>>>ftg3-2 

^T3 o go 2 to § 
•P S ftft^-B.ScQ 



S « ^1S 8 tLa 

3 m-c jo— P <u a 0+ 3 
l°^3^^|2ft>-; 

a^.S aZl cd 2S ® a 
•2 a SS-2^-5 ft' 3 to 3 

V3 -<h c3 ^3 _£ jo S 

3 a 9* a ca H eu cp^S to 
g.S>»g e S-ag M || 

■sIlRSllbB 

.-•S3 >,0 X"m (* -U«J 

co-2ft-Saea3/-v 
1^t3.2 ft-* 3 sJ."^ 2 



»-3x ^ S o ft 2 ^ 
5 ftti=Sboft3 9-2 



te ca ofl <B 

a3-3§o 
» 2 3 3 g g 

t< 3 eS 3 °.g 
53 B oo-fH-^CM 

o a a 1 *; 

to .3 o O ->j 
J3S - " co £ 

->>8 2 

<3^-2 335 

■^ -en ft a tn 

■■g J h S ^ 
a a ° co g. a 

CD X .— li-i.S 

CO+3 > o +3 



sS 'C 1 



"S, 

ic a 

Vis 

~Q CO 
CO 

e x 
W 



S S 



^ ftX! 



Eh CD 



<£L+3 2 

t<5^ s 



CD 3 " 

B ™ ^W co S « o, cd 
go j- g £ ;g co 

03 - rt % iq a >> s, r 
cd c-B °o _ -r ~ m 

+3 ^J ^ 73 Oa "^ g aS 

co --«^a> cu „ 

g CD.3 fe« B CO C 
■5 .Q ft<*3 . CD "-3 , O 

•s aaJs s ■ 8-~U 

§ -S « ™ .5 £ 2 75 .9 w 
a,-S 5.J5 -m _ « a o 2 

V s * 1 £ CDT3 _ CO C0^3 

"e c >> H m S S ^ T3 -- 1 
■ 22 o B . cd * .-B^ 3 © 



-B 4J.2 
13 >-, to 

i*« 

^TS-B 

-^ CO 

r 3 cu 

to 

CO 

CD 



V 



01 -Q 

to 3' H 
CO O CD 

CD * c0° CD 

- "£ a co 



E S 



bO 



R b 

O O S3 ft |S CO JO ■ 



i£J © cd o 
cm u <d 

OO- CD CO 



3S3 



^co 



§1 



73 73 MI73 

S3Ǥ.S.S 
w cd a -£ 



^S§,2 CD 

c ^ ^ • 

CD CO C 73 

^iU 0..2 

§"£ ft-M « 

-S-S.2 ? 



11 



2 " 

la's 
> 

eg? 

ft.S 

I -a 



2 S'B-I- A 2^"B 

>,;3 -B cd (_ °„S3 
CO CO „, jg cd "5 ® 

^ S b b 9 . 

I si co > -3 ■ 

I -^ CO 



so- CD B cp 



'^Bo-a 



■B 8 



CD C-J3© 
B cS-B 
OT3 ft.2 *-.!£ co 
•§ B cj C0g.f0 

C+i O CwX O cj 

- 3- s 



!© rt.tn a 



CO g 



to C_ ^ co 



9 ° 



■H4J 2 W M 
75 CO CO . CD 

< C+J CD^, 

3^bJS 



sS CO 

a m 

a CD 

^B,2 



o o 



CD ■■" 



^ 






3 CD^i^^D-r: 

O* 1 *- o-B CO hOO l> 

^=r B B cO *n ■*- 
S?S g «- CD 

w g-^JS fc gSfB 

co ^S o.c2 sc ja Eh 



B CD 
CO ^5 


p 


ft 



a 


'S 


55 


B CO 

.2 -u 

B'g 
-O-B 


u 

CO 

si ?3 


1 




«y^ 


10 








fi L3 


B ° 


C^J 


oh 










0) Jh 

go 

I £ 

'. CO 

1 

.2 '3d 

•S CD 

^co 



Of 



'5i -S 1 1— in 

tS o co 1- 1 

fe'-C co «, 

=2^ S S3 

CO 
.■B B< 

3 50 



073 



3 9 



CD CO 



CDT3 
E-H CD 



CO 






3 S a ttco o 
« ,2s o 3 co 
0^3 +> C 

y^3 o CD to 
CO cfl H co 01 



B5 



3-B a " 



H 3 w c 
3 CO CD r „ >> 
^_- >< +j CO CD -*3 jo 
75 Ji jB ft >> CD 3 «*h 
ft C CD o >>, 

ca 5 g-rt b+= 



-*- CD ■ uj i_. 3 c CD 

-* 3 coiJ § RST3 .9 , 1 



co CD C 



M B^ O 

B Sh^'B'-^ 
CD ^ ft E S 



B cd B B 

o-B g-oo 

1-111 

' B - 



SCO c 
. co 3 



^^ « * B B c CD 

*3 fi C _S co So 

;3 B-3 CO cd-* X 

5 H co o « o^q « cd 



Bo 73 CO 8ff„-» 



^^ CD 



cS-^5 b£ B 



'-B & 1 



CD * 3 

° S^-B &„ B- 



O'JS-B'S 



-> -B . 



W |ll§§-tl 



* 


CD 
ft 


OO 


-0 


OO 




O 




yi 


h 


CO 













ft 




C 


■M 


S 

CO 


CO 
3 


-0 




B 


C 


0) 




B 




c> 




CD 
CO 

cd 


cOj«! 
CD 5 


CD 
O 

n 




CD 


CO 


cu .. 
O CO 

7a s 


J3 


c 


Id 

CD 


c 
m 












m 
C 

CD 
ft 


c 

CO 


ft 

CD 

J3 

-4J 


</) 


<i) 


O 




cvi 


>> 


BT3 


■— ■ 




O 


a 




ft 


+J 


3 



I 



C bD CD ** 

S <-i o CD 

•2 .5 3 jo 

co Ct3« 

CD CO £ 
ft g O 

CD CD ©"^ 

CO l-> *^ M 



CO 



o-o 



O CD 



» o ^r3 ft 



s ™ ^ 

9£g 



O CD 
O > 



S3 S 



« CD- 
B-^ 

co o - b'to 

£ «i° ft« 
5>>3£-3 



.CD 



CO 



CO g 3 
ft T3 
'o CD CO 

r ° fl'-g 3 B 
fc cO 3 -e CO 



.jl si A to a; 

o « g cs > 

•.CS « -43 

I- g.A >> cS 

a. ^7S in 

■m c ft .2 

cs£ S g^ 



H I ■ ' CO Si 03 

"a g to-S » ca " - 

« > g S ^c 



3 o 1 * C 



g.g m So 



0) . 



'g.3^*° ' 



K 



o o 



0) .. 



_ . s* ca to jh co «, 
9 >>ft >^~ <B 



a cu 






S3 



8 B H 



=5 fl 



asa3 > 



o <u 
CO co » 

B s_ 

o«5 33 

o B 

5fcp 

g.o^ 

+- 1 '-£ cm 
to o" 

CO r-H 

> pi, .55iioo 



co— ' -u . 
rt cs a s-2 

CU CU «S 

g ^ a * « 

lo^'HS 



i CM 



c-2 £?<«■£ 



C?0> <P Irt ri 



3 O o5 O 

e - j3 sh a) " 

c Tj cu > 
cs-o^-" 1 
ft S a a 

*■* ^ -« y a 

cS i! 1-m +j 

§:Sjgcsai 
■G ^ S ft g 

§;gv S a** 
^k s - § ° 

| ftftftto 



Q o o 2, 



il 

"1 






c£ o 
<2 






c_1s 
vis a 

S 5 E 

CO O 

s> oi a 
S > 



a -ae 
»!a 33 

co aj X 
2 « § 

f^^-3 



S « 



13 Si.i 

•S-S.9 

•>§6 

j 2 * 

ftS & 

i CS • rt 
CS 



S OT3 - 

_o^5 .a cu 



cS 



CO ■ 



§ ft fl 
s> y ft 

c»0-j3 3 
& 

-» CS ^ 

h? ftd- 



CSS 
*j CS 

B 4i 

o> cs 



. a ft+> 

i a 2 a » © 

£ <» COS 
CO ftS O 55 0j 

Irs ta'-sS 

g.-a obb s? 
I ^§6 



i< « i » 

■g ro S"0 



oi >-, 

ft 01 



go-ao. 



ft&^ 

coy —.il "ri T3-*i'i-i>.u tj-'r; 



=*- CO 3>+s fe 

O ft ^» CO CO 

^ H "J " o 



X CU o cu 

ti_- "a to . 

c! ft > o 



ft si?3 
iiog<«o 

) CM S. 3 13 



rt or< >> cs ■_ 
oj 8o c ^= 



T3C 



2© S'O >■ » 



3,0 &"& .5§S.-2S^§™ 



H o CO o 

.B co o 

QJ H CO L 

j3.2ge 

.3 ft"" ^ 

"to g'O s co; 

J) O C OJtw 

> o cS o o 



■^-3 'So' 



. 0) cS g> B CS fc ' 



C a 



«.& > S B S 

OS« 

.a jo o 



"a s 

il 

u 

CU 
^ CO 

e Mg 

§ gJS 

•JS -*3 ft 

tt to t 



e §3 
's.a 



CD 



CD 






•T> o o 
co co 

c — -a 
■Gt3 <u 

Ms 



CO 



5»: 



CD 



CO 

■a 3 a) 
& co 



■■a -e $ o 



o 



q ^ u C e 
«5c.2c 

Ml iS g^ 
I 3 <+H Sh 

'. S O » «8 

■S be co +J *^ 

8 0) cS _ 
"QJ3 o «fU3<*- 

o el .H , > u 

«M ^ M 2 ■.§ « 

?TCo6 go <» 






* 






a^t 

U8«g 22 

Son rfTJ 

-• ^ -" +a r* 

r, . CD* 



■831 



a' 

O H fi S ro 

£ 3 S—i CD 
*? CO s- +j > 

«_, co co 2 
g ^ *s c 
« co o-9 fa 

.Strl +5 cO CD 

tv* 3 :3,±3 
S'S.SPb'M 

■?>8S 

"S ° s fa 

o B co g 



J§ H § S 
g" £S 8,S.SPjS 



-3 "-a -" C oT s ^ ° ->j 

•Jsl.-aa!' ^*- 

*ZA g .p -fi "3. co eo fi 



J3 
co £ 



C0T3 

grg co 
q « 2 



cocSuo.s 



^ CO CO »fi o 

-id's S-w 

3 



6 *' 



CO 



a 



a C0-S=2 CO 
CoE >>2 g^ 

"O flee c h 
3 ca S fa * ° 

™ CO /n 

-. CO S. CO jj 

^Ico" 
3 C3 ftj3 



,C CO 






T-. CO -•-> CO > CO 

P/aJt^CN >^ to CO 00 8 ^ 

>tC C -D CO CO 43 ft.y co >i CO ft 



bc<1^<! CO i co „j, . ,_ 

.3 g-co§£-".y 6 s can c> 

S 23 ™ g,*H . 
> S S S"SL23 



,.A i >>fi MC 



|+3 co ca jj - r "43 



rs ft tun ,11 r; 5 

CO 3" CO Q,_Q 

S b-rl3 g 

IS, co co ^ * J3 

{/) >lj3 o O CO 
'. co .13 x i2 >» 

s u v.2 Mi 

■E3 ft >-g CO 
cp O CO 

S> o co u co >> 

}^3i° 

JSSo-2 t SS 

^« gJ, ft M.2 

co 3 -3 

^ SR co 3 -5 3 ' 

3^ O <D u 



fa i3 -e S is 

cs to^a o-S 3 

m -, °3 * ^ fa O 

£ "S "S c^o <s ° 

e 2 3 id S CO 

§5^3 2 c >>2 

g fa iJ -+3 

CO co -u 13 <a 3 

g oj co^ a|j 

32 co-g.^3 n ' 



o>> 



CO - 

fa b 3 



ft O 3 



_-m ft o 
J3 



S<3« 



g.S a 



HcO^Bg^^ 

|ft3^ £ -c0 
> +i+3 b 1 " co 

co£ 3 * ° >> . 

3 IS ft ft ft+3 +3 g 



B<ScucsCOT3cd.£ 
<B cd.u * o^ fi 

B* h-wS < ft 

? be 



rt O , CO ,_ 

fi '43 <* ft_b 

53 ° B ,e.S 



co p 



-~'C ^ ^ b °-b 

fti3 —.-G _£> cfl >H 

S <! £ * St - - 13 

^h Cg C C >-— ; qD 

■3,3 ea— 3t«ff» 

® h „ S? ? S c s 

co bo . CD „ g •.-< - 

s g b, ^ -5 5 £ 
K-giS^t- o « $ 

a a BUSS'S 

-h cl o -p.y C3 B 

> Bcfi co -u q. ft 



fi CD 



6=2 



» o g 

-)j »rt ft 

os .13 a 

?2 fl 3 
ft-3 c 

a 2 

° J c 
— 'fi 

-fi 53 c 
bo co-q 

■fi o 
-C cu co 

oil 

fi^ 3 5 
1 13.2 <u 






CD CO 

£ bh 

•j3 CD 
o-Q 

sal 



y g 

u> in 



-jj -y-a ca 

ft fl fi B. 

8 | S * 

* » JS a 

—- fl « .2 
ca cuB -S 

s a ^ 

O fi - o 

ftfi ss^ 
2 o Si 



pa . 



ftQ 
CO jj t— I 
rt ifi'fi 

fl a3,2 » 

CU cjlfi 0) 

"fi cu^'jj 
"tc-Q rt-fi 
cu 3 fi 
b. _, cr A 

^ S „ 3 
^3* 



co 3; 



C s C 

tt "'3 
<£ 03 +j 
^ o rt 

a » 

»-gS 
« s'-P 

* b.-fi 

CU >> r; 

a s^ 

g c p 



£^ 



- oa-O u § - 

3.2 2oi3.S 



CU 



ft 



cO-w CD °? 
CO fi-fi X 



ffi 2 3 ^ 

sro a a, 



J"fi -M Bl >— I 



* o a ft 

CU CO OX) 

--—. CO 



a s «-s°§ 

Pi S-fi a 

" grt ^ jj 

»O05 

Co -rt -w ^j 

Cjft^^^ 

c S c ^ 
S Srt a>' 3 " 
op * gB-r- 

• a a <?< g, 

cu ^ a a c 
l^sis-cs 

"Oil 



"5 il?5 b< 

g O ,2 CO ' 

* SS?o 

cu cUrt <; ' 

ft fi 3 H cu 
fi CT -^ 

-s o: 5 a 

** w C3 g 

fllfi -g co .2 
■fi CD ^ cu J3 . 

cu S"2'a-~ 

k-° a a- 



m a| 
aa-3 

s S3 

a'a§ 



«J3 



fi ft 



|5 2 ca| 
^.all| 

43 cu 3 

■a^-s^ a 

SS fl JJ'fi 
H £ cu c3 fi 

jg a ft§ 



45™ 

S ""rt 1 - 51 

S en O « g 

cu ft g 
boa 2S p 

.a ^ ft cu «i 
>; a. m s « 

«fi jo CU g-fi 
33 O^rt g 

•a'S^ga 

c? fi -2 b 



»" +3 cu C . cu fi 

a ft 2 if E ^ 

fi to o C co 3 

g g ** ftftCUZJ 
S o cu O 45 

ao1^®ft^2 

a-s^s 
§-§ a g 

aa|^|J.= 



=?a 

cu aj 



4J CU C 



rt* Jr 3 T3 .2rt: 2 * 
as x: >>-_■ bote ™ 

oj-^- 3 C cs.2.2 

n ?^o cdrt^5_a o 
co ja -^ ^3 .-fi 3 ,a 

-fi^jfig cuc3_: 

8 S3 g^s g.2 2 

cs a era ofi bt3 c 



o 


cu 


ftT3 


O 


ffl 


ft 


s 




rn 


CD 


c 


X 


o 


H 




1 


3 




43 


^ 


B 


-1 


CO 



y co - 

tfi) CUt-H 
ItjrtCO 

ft cu 

CO 43 



bq 



I 

e 
e 

Q 



O" 



ft.a 

J" ca 

rt O 

csfi 

-3^ 



g^ 

co o 



tb 

T3 cu 



03 § c a a 

• fi o*2 o 
o >> cu ft-rt 
Sfi'S CU fi 

Scu CO rj c3 
rt co 'XS a--^ 
— -fi co *^ >^ 
g S.2 o <U P 
o5 rt °J2 co. 



00 CO 

IS"" 1 



wt flB- 

^"2 S ^3 «<-i ws 

_g> 3 " — ' o cu 

rt CO <p (y fi 

3 (-< 'fi JH co cu 

c.a g* cujg 

co.23 fert-™ 

o =*-< , -fi 

s b«,b-a 1 

cu u 

bDrt 3 ■ 

« o 2 

^ b bh *= fl^ 

bg C m ^ fi fi 
fi.fi co ftrt^ft fi 



-Ert a 



S co 

g^2 
^-fi.-fi 
c 2^ 

Urt cS 
3 —fi 

2 Bi CO 

C3 co f-i 
CO cu 

Ort . 

ft^S 

cu £ 

jfi fie 



co O N - fi i 

-3^ 2 e 
fi £«>:£ fi 

-rt' I 

s a sp-s c 

O, C fi co rt 

t-3 c3 a 2 

cs cutfi'S 3 

G, Bn CU "^ O* 

3-° on ^ 

>^S CO CO 

fl 2 S-Brt 

13 -S.2 § ° 

. rt fi3 +J J) 

-b b< ^jrt * 
ft ° 2^2 * 

CO JO Wrt 

-o'Efi'O.fl 

3"3 aj g j, 

g,S CU T3 

£bl >M fi 



fl « <u2 

c fiJirt 
bo-2 C 

^.abrt 

.5 o fi co 



b.Hrt 



1 =t- e 



«•- 



ft « £ 

cu S c" 
X 3.X! 

"^ 2 00 

0+J fi 



I- 



>>3 ft-2 

'fl CU 3 

ggO lll BS ft 

- a> a 2 > - 

bDco 3 *a a 

fi cu 3 — fi 

b "El co 



cr 5 ft 

< " 



i1l«Sta 



.ti fl ca _ 

C « fi-fi 



■a-fl 2 



3^ jj xs'gto a 

6 S « S-giJ »rt^ 



Q co fl cu 00 033-3 
bO0 S " C -^ C 



s ^ 



-- 00 

rt fl 
cu .fi 

O CJ 

rt 3 

a 2 . 

m a fi 

c«8 a 
^ ® 

fi co- 
>> fl cu 

."fi 2"3 
3 fi C 

fi« 3 

- § 2 a 

<r- 03 co 

assort 

,.2 -H 0) 
O fi B. 



O" 



rt i "g fi * 

fl.a 3-2=1- 
§»i.2g 

3 e- 3 
S 3 03 -firt 

• fl bp,g aj 
fi 3 T^3 

c a a 2 r „- 

a c «^ 

cu-3 cu 3 

Bi fi JS -fi Bi 

•rt rt -W fi 



O C3 
j2 CU . 

^ >> Bi CD rt 



. cr fi -Q 



IIS 

c-fi.a 
ca 



-fi-Qrt £ CO 

Bj C3tn C3 ^ 

& «.bi-i o 
a* -e _ 



» aj -FH 
'•& * b 



"2 o 



o ft 



+^ Bh 
fp CU bO 



PB.fi 



03 - 

a" 



. . B,t~ 

*£3 



2 « ° 3 

-^rt c 3 

rtT3 co _, 

CU g 

tb<i>rt o 

m fi a " 

co CUT" 
hr , CD co B3 T3 

c^fi-grtirt- 



"B-l*^^ 



cu-3 fl ; 

CO CO CD -tv m -^ 

rt^2Sg|^ 

fi" o^ cu °^3 
.5 rt ft ftcU Bh^> 
~ fi CD -"« Ot 

•2 2 s 



co 5 g: «| °' a 

j co _ a »rt o 



03 
cu ^ 



CO 



J3.S». 



~0 +* Si cs 

CD CD CU 

Bi rt Ort 

O O rtT 

-?f °<2 

g S i2 a3 

c5 fi* a 

H CD » n 

CO C O -!-■ 



* c 

; ai CO 



Dfti 



CD CD S O rt- 

bo ft ° S co ? 

CO 2rt Bj C m 

CO 2 3 CO .2 O 

g M cu ft-3 c 

■3-fl P CD 3 CD 

5^ CD** g 



■rt ft- 

Bh CU s 



LO-3 CO 

c ^ 



»^rt 3-^^ 

rt^ju. finj.-Hcuoco 
03rt„. ffl o Cfi O+Jij 
3rtCU^ 1 fi c o3>H_'TD 

Urt^^ili 

cuS'a cu 2.2,2 a^ 



bb':-2 



op 



H co ca cd^<;b 2 §^ 



CU g 4j CO CO S^ 

§l&rt|.»a? 

— 'feB,+->> _ 

2 cu *o» fl 

rt CO^^BhS^CD 
"Q OB — <S cOt-i 
4i O CD CU rt^ 

c« « *'5< s .2 m 
<! g ft£ fo°g 3 

^fl^ Mo.| 
o5*3 O 3 o<<"fl 



cu fi fi 

o C o 

.2 '■« 

^.■a fi 

fi-fi B. 



cu oc2 >, 

*V fi-a'^ 

O fi fi 

k'£ £ fi 

i>ft 3 a 
•"» CU Bi 

g CU *J — 

bo 13 ^ 

■s-§^a 



Oi 



CO S 

£ i 

cu fi 

c -g 

O e co 

— C * 

fie s 
I" 



£ p o 

"3 .2'? 

3 "S.5 4 
is "*» c 

-fl ^ tD 



u 



^^" g^- 

^ « ° §.£co 

=*5 OS U3 « co 

$ - ° a 



° o" > w 

^ S !h Si 

a-fi a; 3 

5 »s « a 



5-2 

s 

co cd 



In u 2 k o 



£j^g:£ Q 

I 9 n~'" 



5 > 






CO 



"13 T3 S M-a co 
ft.g « A a 



^ J) O r| i] 
-fi Q bo co 



cd 
u 

x fa 



CO m-H^ 



^ fa 



_ X CO 

■5 S'O i5 "S 



<fi..3 C H -"J—h 

^c'ig^rSS 
So > "43 13 -J3 5 



CO CO C75 CD — 

— I — ^3 t *H 



CD > 



•3 CO 



0) 



'Sa 



fi hxi 

1^ 



2 8 



Q co 



a -^ 



-3 33 

u o 3 
'Cti C 

ill 

•a ® S 

g-fl CD 
? cp+= 

S f 

POX 

■fi" 3 ca 

0) J3-2 
J3 ffl co 

— -1-3 

S^g 

d> CO 

£ fa — 



"3 £ CO hn-2 ft 

a.2 5 on fl s a 

a-g * co g«ft 

co -m fa Si i- 



CO o 



3J3 



Si O 3 2 CD ft 

*- o +> 2 C ji — 

sSo a, -< 2 

8 il-a i jv 

fl-u'g S § 5-3. 



-a^ftS 

CSS o 
^ CD CD 



W ft 

uu+j a; ca 



-C fa 



3 O 



3 S 



3 :fi> 



3 ca_g° 

O O CD J3 +3tjH 

ca u o s- +j co O 



fl. CO 



fi 1) e K. 

CD,-*5.3 c8 
bxj't! -S -w 

C3 cs - 
CD i — i c 

Si be 9 C 
ca c ** o 

9 c c* 

§.a.ia 

'3) DC fO g- 
.9 cd -t- o 
>£> >•£: 
P 8 3 

-fl >>£.9 

E-l M T3 
I s- 1 ■ 

-!o CD i— I 

oco.2 

S?,CD , -kJ 

ajjH u o 

■2 cd S's^ 
o -fa -u 

.51 k C to 

^S £ 



S a 



cS to" 



O £ 



O g 3 



ffl* 

3 CS 3 



5 -S 

S 8 

CO 0) 



CO o 

§ 9 

tij co 

ft 

CD O 

o fax 

c5<2^ 

IP 

S ca -a 



5£ 3°S 
S a 'loS 

9)«jH CO 

CO CD CD +J 



■- CO^J- 

CO -y CD 
- g 



CD 



^13 ic 1 ^ — 



CD ft <dQ 
u ft ^ ^, 

2 co .2 2 



> O CD 

tS be "-3 -D 

CD-S CD 

■fa CD _, CD 

CO O fi — 

Si CD CD 3 

2 ^"O 
ft —CD 

cu-a fa x 

CO cu fe O 

O ^ CO 

r? fi CO .. 

S cd y 

- O fi ft fi 
to o CO co cfl 



.9T3-S 
T3 CD CO 

-2.9 
cs g a 



^ScO^ 



3 o co 



bog 
jS O 

-2 g2' 



h ft a 



O CD .fa 

la. 



'.9 .> 



A .. 



CD o ?? 

co .a o 

fi S- Si 7; 
S O CD g< 

Bur ft 8 

X rt d) CD 

gP> bet,-, 

^^s.s ° 

" fl I* rt 
.3 3 C 

J ^^"c8 
CD^ jj , C 03 

2 9 cd^, 6 S 
o ^ S fl B 

3 aff-f ft^S 

s^-S^g-Sfl ! 

as - 



fi S.S|i ffl 3 



CO o 
C-J3T3 
C 3 cs 

<11-Q co 

^' c s 

c3 -£ S 
C co fi 

-- - 



313 
fl t, co 

■ h m m 



CD CD CO J. 

CO fl j- 
-3.2' CO 

« >— ■ 



CO 



CM 



3 5?^ S 



CD 



CD <*Z '. 

-3 fl fl 
3 3 C 

Is* 

* * u 

§»| 
ft CO S 

fc.&'fl 

ila 

g-0 

~ CO o 



3 §.g jK 

3 '-5 en 
g.a co it 

S^fl« 



as — 

CO 



CO - 



3 £r S 1 

1:3 ^^3 C3 
— JlX — 

2^ "P 2 
o— s o • 

+j -rt -*-* +j co 

CO o CO CD 

3 fi O 3-J3 



2 i,fi filo CD 
3PS CO Cj3 

co COT.^13^ 

fl l,„ co a co i— 1 

5P cu S _ 

— fi fa* O ti 

.9-3 9 * fl £ 

CD CO CD 3 _ 2 
-A fa ^ O 3 g 
p_l CO o te 

>,E o cd 

1 ^— fi 5 si 
ai aj , • o ft 9 

a .%■* a 

• g Si CO Sh'be'-S • 

*> O 3 10 

^ t4-1 fa-3 co-Doo 

^■ftg I--S-5 . 

^ ft S Si 3 S^h 



CD O 
fa^| 



C3 CD 



rS co 

ttj CD 



5 O o 
— cj 



CD C "cd co 

5 8^* 

" c >< 



c S 

_ CD^ 

-fl cj-r 



2c1-S£SSoft 



-.ri-fl g"JS3' 



CO to -u - f* O 3 

3 ^ fa CD 

.9 8 3* "Eg 

i2 ca 9 co to 

>«e.S« co 

5| S3 fa, -3 .2 

Si CD g +j CO CO 42 

3 c 8 « 8* a "3 

■5— co C c 

eC >> ft CO to CD 

3 CO fi to Si Si 

g fi fa— oi a> 
co fi a; T3 +j -u 



2 co 

,3 CD 



O CD 

Ss 



C0_ 
^ CO 

2§ 

5-3 c 

•S"3.2 
? co -J3 



•5 «s 



K5S 

•2 a 

"e v. 



ffi'So 



6- H 



cy CO 

^ 3 « 

"CC »S CD 

^ -Q 

d£S 

"S-8 g 



ffi 






a - 

ft2° 



CO 

ft >> 
a c 



-Six? 

1^ o 

e ju 

O COD 

•is ^ 

P. 5 CD 



T3 CD 0> 



a £ 
* "5 .2 *o 



T3 C 



^ £ 



- c 3 <. 

d 3 s cp 
caxi ca 



8* "3 

M 

"* ."2 

C55 T3 . 

T ca-a 

CD 5 

>* x ° 

3 CO 

cd co ca 
c -m ca 

• a rt CD 

-2 3 >> 

cd £ci> 

o *£ 

-M w 

.s-s 

ca a 



Cv] 



CO y 

bca 



la S 



C bc-rjio.-a 
2 is ca -u co 

ro CD u CO CD c • 

& ft ^ci?2 



st3 3 a 

C8 g co-rj 



5 a 



CO 



"+3.S S 5 CD CD 

a2^J§|g 
.S-o-2 «.S : |«2 eo 

gi-2-^jB &z£ 

CD CD 



a t9 



2 a i 
a co 



ca; 



mum a. 1-1 



s» ca O. 



1 >>j5"5 a "2 ® 
'© a-g.2 s a£ 



£3 

ft£ 

CD CO 

■5 CBCO 
*^ 00 

a £^ 

co -w >> 



f^ c«^ 

i- 
&!<? 

*5 ca.a 
S-"tt ™ 

3" ft CD 

c3 ca •* 



w T3 CD CD 

8 ta ^0 

ft S a* 

£ -3 CD 

CO j- to^a 

W !" ^"CD 

.00 's s 

-- 1 «-S « 



1-2 



fe co « £ a .-g 

Ego cuS'S a ft 

Sp>.5 



ca 



a a. « * 

.a « CD — 



53 

< ca 

I -s 



o be 
'•iS c^ 

J3 R CD 



Sis 

CD CO .S 
" CD -M 

cd >i a 
a a 

CD-r 1 fS^, 

^ 2 aw 

""t CD S CD 
> 3 bB 

ca^; ca 



3 CO 

cd co ca 



cot3 3 ca 

<u c c oco ■;•• a> 

ca ca ca£ g2 «ja 

P S 

) .^ ca 



a +j ca 
■a a « 

o J1J 



ca a 

bX)3 



"ca S 



CO fl.S'g fi 
CO '- 1 _, CJ fH ** • 

C CD k> c3 _ . 

£ J-3 «£&£!§ 

^s g?ST3 ^§--s 

fi-o at?!- 2^^ 
^mSca'^cagjca 18 
- S 3 a 3j3 >„« o 



£3 — fc-i m _ 

a b 2 rt 

fid °^ CD 

6 fc -S 1-s 

0)T) fi fi 

ft CD u *r; Jr; 

2 CD ?P CD 

— .3 > boo 

2 3 o a^ 

3 o"_ caQ 

O CD^ ti , 
fe U CD in J- 

— ' S o =§ 
ca ca u +j c3 

H a^ — ." 

-3-2 3 o-S 

^-a-2 S t, 

a C o 5 

^ .^1 r^. (H 



2 bl> 
3 « 
o w 

? > 

ca 



co H 






crt 


J3 


CD 


H 


>> 


1 









to 




K 


ca 



S? co B 
=> CD 

^_2E 



3 ca 

O bD 



bo CD 

ft 

CO 



3„ . 

°„a 
ca£ 

SftS 



^ST3 U A^J i CD 

°ca|«Sc25 
ca fe >> 



cd „ 

ft o 



<x> > 



<L> 



ca 



ca 



co ca CD , — 1 k. 
Ji CD >-h ^ 



_ 3 

^ 6 '^ca .e 

.0 fi Sfl ^ 

fc^-s. © g.2 2 
s a co ^ ft.c rt 

ffi a ft ca o 

I CD r-( C|_( -„ 

C CD ,3 CD +3'= 

S ^2-S ■ M -si'- 

5 C ? CD CD (B fe 

■JS'ca bog ^ cd J 

s bug* w-^ g;^ 

l-a Sts-o r? s e 
P-ScaoS.aia^ 

J.S h.S fit L I 1 

o ca ft-M use 



23^ 



•^ S-t O co ^ 






r 1 a a 

- ■" ca 



w ca ft 

s « - 
o a 



^2||ftJ 

cafi-^^^Sc IS' 13 -! 2 
-2 fir a:5"£ co^a co S ca cd 

!s§ a^aio- 

a ca & a ^^j ca ra « -^ >, 

3 "q, , M „ CDfico— T3CD 
■ S-3 S co 2 - O 4) co a, bO 

•Sill III! rf 

-^ in-*-* Cj -1^^3.3 7 



u 1 
m „ 



d --a _-e gjs 



c 

p 



*"-a -5 "S " -fiS §' 
2-2-C2^ ca^Sg 

t- CO 



S. S g ^ g. 



l^|c?I^lgS 
xi oB £ a ft ft+3ja 



ca 1 ^ 

S *-a 

c*h ca 
^ o o 

gge 

a ft a 
ca o 

^ 2 
<^n ca 

I & a 

■S -^ 

3 CD 3 
"*«a CD ^ 

Cj o a 

^^-u ft rt 

<*■ 9, S.S 

f-H 3 ca 

CD— be 



S.2 3 

Si 



C»>!X 

C i ? 

"2 1 

!1£ 

« .£ 
is c t» 

C3 "E»i*« 

Si S>b 
i cu'S 



T3 



i>% 



5 ft 

ta co 



3 v 



e ft 

8 to 



t . I_i i_j t . —, "~* T^ r*i fh rrt _^ t 



>^3.r}ap > p 



cd 3 



° -3 3 —J s_' 



ooo !> 



m bD-3-5 "5,3 3 



.23 S3 
to c 3 „, 

.sail 



x|«> « S-C 2 -P 



nn Vi K S m 



ft 5 28 £ a> o> S 

« ^S O.T3 0"° 






i-SQ 



+j " lO 

.fc gt-: 3c£ g 

£ 8 <$<?> 3 
IS a> .^ 



S £ 



P Br 



•S-S •>£ 

■is 3 _g> o 

uu*; u 
t£ir3 3 * 



-^-S b^ 3^ a»„ 

03-° £ h 03 3 rTH 45T3 
CD __ 3 i'C+j O 

a2 — 3 to g -3 ft 
<D3 03 3 3 Sfl P 
ft 5 3 3^ g 3 > 
oj iS^ td * « g 

(-1 > Sh '"O f-< tO "^> • 

H^l^b^^^ 
2.5*8.3.2.2 5.2 5 






^ 03 



a ft 



Ss 



Bf 


>h 


P 


a 


a 


m 






1 


a 

CD 

-a 



ft S ci >>p 2 >> 



3 ^-22 6 x 03 
bo «J 

■".fiJ 

3.2 

oS«i: 



O > 3 

sh o3 cd 



S| 



'3 .5,5 

JJT3-- »>,>>§ 



M ,2 to g JS s 



«5 ;3 _2 08 £ 2 ts ±?^ 
■"13 oo o:3 08 O'Sfl 

o 2— 3 to-3 Sin 
°o ,- 'ftS-33_rc: 
<u-2 .Sac g*-S 

V,^?. iJoj^^^-2 

J5 ajj 3X1-° 2 to » 

0) Q.S1 3 Cffi 



c 


>, o 










3 


P 


, 






OJ 


CD 




c 

CI) 


C8 




he 


V 






-a 




e 


03 




o 


bi 




111 


en 




> 


d 




o 


o 






3 




CD -O 




43 






H 







"g O.o 






ft "- 1 -- 



2 ft.S 5 
s » o * 

15 T> ftQ 
S M* 0) 

8 ci^eB 

^53 5 

2 os o 
a) S P"-C 

^-".2^j.S2 



TO ^h t~- 

I o i-T 

!^o? 

°J3«S 

ts:S8 

3 — ^ 
■2 |> CIO 



^H O 



^ be 
oB-^.2 « 

l^°"5 
Q ftc3l 

ft CD j-> 

C3 >^C3 



fg 3 A 

•3 . .23 

■rt ^"3 
3 c u 
S ° O 

ft tM 

T3 C t a>' -1 
T3. C3fc - 

g-3 ®« 

_^ !rt £ <u 

03 -H .!L rn 

ft| s Q 

<d os a) 
^ os uitti 
H "3 3 

c «3 2 

3^3 43 



C.-S ^2-o 
c 3 2^=5,5 5 

j£ 3 ^^-^ a. a) 



"« £ bo© 

"3 C 



3 



■," n O A 3 ^ 

S oo. 2 -e « S 



'" 3X13 s b . 
3ja+3 3 O c to 
C ■£ ft bfiQ, <D 3 

3f.a1 §-fl 

X-H-Ccogtoo 

ft-2xi.2 s S od 

to w 4^ +j 3 +j CD 



i m C « h 

^ ^53: ft 
H Si-3 s 

Gl CO W +J 

-SSl S«9 to 

^ o 3 p u a> 



•^ CD 
■« o 



3 Q, CD 
>>3 ft 



ft* 

(J 3 fe tn +j ft CD 

"i ^ CD >-. OUTJ 
^,-2 > 3 >-g 
- ft p-3 



to o 



O CD to CD 

ahdh 



y o 



%* 



CD O 



CD 



CD '.h 

sti 



Sow 

■S 3co 

13 P 



>>2 
£ a>ft 

^ "o S .23 2 

£ 5 3-3 H ° 
9 n « A 

.2 § s: -2 a>.2 

3.2 5 goxi 3 
jo -+J "ts ." y 

3^ C a,* 
2:2^ ft JS^ 
5 H M-o ** o 

to .5 2 «*- 6 
<-<;3 -C 3 o 

.2 3 u -h J3 

-3,2 >>» cud 
1,8 3 -"Sw ft * 

— 03 ~ 4) ., 

,5 O 3 3 «ij 
^3 3 CD-C 3 
ft 3 J2H * 



>> 



!■■§ 



ft >>ft 
ft - *" 1 * 

3 3 



o a, to 

3 CD 3 



S ?3 3 ^ ti co o33 3 _ m 



5 3 5 S 3 

_ CD ft S 3 
ft CO rt .g ^ 

6 ti CD k. 2 
3 cB43 >>« 



"•S 2 a> 



ft 



c -d 



CSa 



to a 
n> 3— j 

> CD 3 

CD CO 5. ,- o 

1) u Sm s 
ou s 3.-3 o 

>i-3 Ohg 

la as* 

go ^+3 u 
3 JjX? 3 

fcJg-2^ 



-h 3<«ft-2a 

5 K-S 3 ® m 
3 fl - c g ftp 

_- . ™ 3 •" ft ft 
^-^^ u-K 3 « 

r 013 4) g — re 

ft S>S mJ 2^ S 
i to x 2-S ° £ S 

'.fh oj _3 ft 3 od 

- i e co c to 
3 ft ■** 3 <u 3 „ 

2 ° o ® >^« 2 
■B'O-^n-a <->'+ 3 

So -- ftC-H 

S m o iS 5 2 '^ 

Tj-S^o^SftbD 

S.-a 3 c 3.2 S3 5 

^3 .2-3 3,2-3 

3 o -C 3 NT3 o 



oi'd^i. 

ft +j 3 

."3 » 

l« S 

o3.&S 
ft 3 5 

P ft CD 

H _ 4> 

J3 " ft 

■P ,<B 

X C ft 

3 cS * 

3 a S 

I*! 

T3irn S 



to -a 



^ Th 



OT3 g 

, 3 ° 

■g 3 ° 



S "3 
^3 3 
Pt3 



-3.S fl 

^§3 • 

3 O 1 * * 

3 % 3 



e iS ° co aj 
^»|§^ 

•S 3 cu J3 3 

cu boo S 
•&-S 2 o . 

■" +J •** CD S ^< 

3 _ a> a, g o) 

e o-Q >>3 g 

§ ft 31,-2 8 

lis 115 

eg^| § 

X O -m ^3 O to 
"-3 £ g 3.2 



« 2-D 
CD 3:3 

* »+J 

.23 5 § 

I ft sl^ I 1 
^ S !T S^ ft 

e .3,3 cu a> 

g-g^ ou >>© 
tog2---ft>> 
^«^ S3 C3 g 

III 111 

« ftl?>5 3 
_ 3^ 3-h 
3-3 



Has 



^H .H M C 

.5 3 a>:S 
- >i 

P 



^ 3 3 s 






J3^3 



CD 



w P s 



-3 3 
CD ft 



CD . 
«"ft g 1 

3 5 to-r3 

ft CD ft "^ 

rtrt y3 3 

S3 s S 

CD;2 > 

03^ 3 o u 
B0>3 3 - 43_g 
2 W 3 3iS 
£ >J3 3 



2 2 3 



ur 5S 



o •» 



CD 3 

CD J2 

to >,•" 

g_O_t0 

3 g 3 
£5 CDT3 






ttj 



-£ O CD 
ft+j — 

o_-9 

%^£ 
s. -a -a 

-Eg; 



o, o 3 .2* 

COO 

r< "3 "O CO 
J O S ft 

rs & * O 

o c £ * > 

>h 8 Sew 

a §11 

HO) „TJ 
„, O C 

co -5 — o 



V CO $8 t)-. rt a) , 

o§.2^JSS> 
,3 — ' -e o cc ° 



03 to >» 



.-S 0) 



43 



5 5.2 



8 >>„-£. 3 



co 



-C o o 5^j 
(H-g o oK — -m . 

o S 



a s„s 



o g a 



H-e o" 



SE-.&ftg^'s 
s gTS s g * co e 

l« ft ft-J3,£>rt +3 



J3.£ i, *- 
+3+3 go 
■C o o-±- 

p o ^-J 

Oai-C 
co cS cp 



-3 -* J3 



,-S »- 

C O— O 

C h S 
O 3 3.^ 
o °" 3 



sSI^ 



-a?-S|| 



* S £ * c 

•rH , H CO . ^ 

feTJ — ^a 

s2 2 A 3 

>>3 0.2 « . 

a >> S cO.c'cO 
£ 3.2 C.+3 ft 
0) 03 ■ ~ 



CO 



^dCJi3 CjS-g 
— 2 03 "S ft— 



- * 3 
Cog 



*»8 



o-S 



CO & UJ 

o.2tj o, 
a-S o rt 
o 3x) o 

ft-g 03 — f 

-^.co 1 



O co 
2J= 



s a o o 



© boo >- — 
o c e tao ft 



cs 







■'*is 

5g o^ 

2-c S 



S fc i — 

.2<2 3 g 
ft^. a ^ 

0"3 CD — 

• •*■•?•& 

c-g-8.3 
l«a 

to — 

S 2 c 

gSo« 

ft ^-^.s* 

^_ ft^ — 

S£:S"£ 

g|03 s 
O C 

-cia o o 

^_e o o o 
3+3 co coo 
O o 03 C 

o-Cf=,2 



o a; 

;5S.> 



^.oS 

=> -, o 

•-^ CU CD 

~< — c; 



g CO c 0) CD 
03 " H cflXXi 

5 « ft"^"" 

« 00, 
ft o 
co,— T3T3 

§,2.232 



-c fe 



o* 



x a* h 



ft c 



CO rC 

c e - 
C a> .2 C 



J3 

— 1 . — 3 



o c8 

!h CO 



cud 

+j 

** 03 
+j ft 


03 
X 
CS 

03 


ft 
aj — 
u 

x 

j3 

+j 

<i 03 


5° 




03 




-C 


c 










XI 

9 


ft"° 
"* 


U3 

cu 
C 


C 

CD 








aj 


X 








-U 






o o 

8 2 sir- 

aj^o o 03 

2-s§ &■§■ 

f g o o +3 

M2iOj3 h 

.9 o^^ S. 
c o' 

03 C 
+2 CD 

30 

OT3 



'^_ft 



C8 >J3 5:3. 

oC^ ftg 
oj C^ 03 tg 



C rt ^ 



•S > o 

b! O . 



eS £ 



C'S^Eft 



fto co £ ft 
9-fi 03.3. m 



2 E =3 C8 1 *- 

ftS.S O (J) 

o *^ ji +* o 

o- & o^ 

o >,u 3 aj 

£-° ..aS 



S3 3 



cgE 



E ffl JgG 



as 

03 3 
ftT) 



c jo 
"^ o 



SO 









er C 



£ sc 
o cS 



13 5< 

SI 



O N tD, 



SSta .9 



0>T3 0) O fl fl 

rfi o> 5b<» 3 ca 



• 2 SS^TB Hrt 



o 8 C 

•SH.Q 0) 

^^ 
: c3 O 3 

« e s 

3S 03 , 

: a-2 c 

> c fto 

! fi- 2 8 

! 3r3 

1 fi H-5. 



I © § ^ 



a; -3 

-fl H 

>-l .13 

.fi 



ca< 



.8.2 5 o3.m fl 

«£ £ be fl 3 
k«m ft ca gjja 

fi.fi ^-ga^ 

•o,3 § 313^ « 
-a^ S x^ 3 3.9 

J Bails'* 

- a a in „. 9 fi 
5 2 cd 2-":3 

■2 S-" Mrfi— <— ' 

3 Ji JD cO ca 

-9 fi c b 533:=, 

*j co-Q -fi -u -O T3 



qt3 
IS 



S* 3 

s fig 

CD CS 



a> ai cd 

« S-S -■ 

® 3 3' 
>» -II < 

fl<£>_ §> 

pa, 2-° 
oi'-'.S » 
■ S _J « 3 

CO J7 dj 

j h s >> 
I O-O _ 

I 111; 
~a cd vc ft 1 " 

Q o On O, 

<i) a> ca l, ■ 

S !r!33 (1) 

'£ _S o -s i - 
8*8 ° §^ ; 

t»> C3 . « bj 

Smo » » 

™ C&H (1) <u 

'- -S-a 



a! 

3 
n fi 
O ca 

:gS 



$ 



a> oifi. 
30 § 
cd°„ Ja 

I se- cd 
»tt-i fl 
fi osC 

Hi 

CO «lH 

S.gO 

r3^fl 

^ ca S 
^33 o 
t— t o ^ 

■x-e s 2 



1 <*> 



-M 


^3 




tJ 


3 




«5 










n 


C 











c 






C3 


CD 
CD 




V 






s 




fi 
0) 


CO 

C 
O 
















<^ 




03 






ca 

3 


CM 




c 




in 


c 




H 


ca 


& 

c 


cu 
-O 






1 


2 
"3 






? 


is 







m 






C 




T3 






C3 


3 




a 


42 


m 






C 








a 


C 




3 










T> 




CU 
CIJ 


■a 




>1 




^ 


"a. 


3 

n 




H 


c 





<D 


ca 








■T3 


s 


ca 


E. 




-rt 




CU 

"ca 

0) 




J3 



a 32 
-a *& 

«g cd a> 

■° J" 

H to fi 
fl'e 

cag 



CD 



. ft- 



n^.% co 



ff CD 



fiw „ .. 

j h ja >> 
1 ^-o _ 

'• fi >»+* 

"O aj'43 ftfa 

Q O ft Or 

<u cu ca t, ' 

ts«e S §-! 

^ ca u c ca 

rVq 3^ CD 4) 

•3 O J3 
fl 13*3 



ca as 



fi 



c 
'So 



ca 



CD fi CD 



T-t ** fl "- 1 

000 13 >.a fi 

+3 05 -3 7S U CD 

S rH g) g< CD CD 

J2 M ft-u in 

•3 rH 3 ca ho 

3 S lis 

i I g ► rl 

a 0-43 -fi M 

"a « o co fl 3 

QiJ fi fl § 

-2 5 " ca _g > 

^i." 3 J-S CO o 
C fl >> o 



-3 U CD'S 

ca cd >- o 

3-a ca 
fl fl "S 

fl 3 fl 35 

■ fl ft" 



ca 



CD 



a ft a 
§'§° 55 

a ca-fl.cro 

rO fv-r 1 ^-O 



CD ^^ 

sap* 

aSsG o 
=5 Ja CD cd . 

• 5 0-0 _X3 

ch3 2 

3-No| 

X-fi 3 -S ft 

Ago 



a c « fi o fi g. 
J 8 8 0, a 8 § 

•12 l CD fi fi CD CJ 

"O 0) <u q <u cDt^ 

0^-2^^^^ 
a ft o-" o.fl 

§ CD cd-£ ca a - 
3 fl) 



«*H 0)rfi 



fiT3 r 



la ft 



O O 5 "3 rH °« 

■ "» • rt • ^h CD fl) - u 

.■S-13,0 cd m jo >< 
VcacSa^^.fi 

'-s -3 CO 03 ^3 _o to . 

S c fl^^S 13 jg 

_. 3 o O -1- O § 
C3 fl •£ -J3 fl "fi ^ •- 
w A 3 3.2 O 3 la 

•^J ,J3 ,fl jj ci _Q r/^ 



O^ CO 



ca 

3 

a 




e 




e 

•2 
a 


u 




e 


-© 


CD 




O CO 


£ 


C 






e 


"3 




.12 * 

a a 

a cd 

— -o 


u 

5U 


>- 




tj a 


E 


tri. 




ca ca 




CD 

a 




CD CO 

> a 


^5 


X 
C9 


CO 

C 


0.2 


H 


ca 


1— 1 




Q 









JS to 




2 &"" S 

gi CD 

•iS uo 

< Kffl HI 

bo « 

<C .. - 

a;-H bO"K cu 
h^ « § M 

-. a> ca <u " 



cs-D 



o co 



ft >> 



"a, 5 *"& 
op o S a> 



ST3 ea © s 



0,5'S a;h s> 



8.B 
O a) 



■a 3«g b 



<D 



en C 
ft-r 



ill* 

ca' -l .5 to 

•"S _r ea b 

S^ bb ea 

'£%£* ' 

lilt ■ 

°Q o CO, 

^7: ,2 * >h' 
■S«g 8 st;; 

,£> ea u » ca 

SS MO to * 

r ^ Cfe a; a> 
'S ^-fi 



3 <J5 



C?J 



^ 



II h 9! fi 

■ "ea S 
a> ra e 2 (h 

T3.a +3 si e 

I Sl.-s-s 

• Sec 

ca w a) 

C cot3 _C "5 
CD £ -tJ 0) 

w Cxf ?3 be 

5 » gfj * 

» Sh ., to ca 

■ « =2 2 J 

^— i««-Ph Jo 

H ^ n CO 

gjaBc^ go 

S3 00 B"3 
0(M CJ5 OCO 

■OtOH u» 



M - 0) > 0) 
^) ^3 ^H -t^ 

tS o a) „ 

*£ 0.^2 03 
_^ to m 5 

S-SN ■ 

^cB C ShO 
"3 cd §3 ™ <2 

■9 '. * * ft 

o co -y bo 
^ ^ O -M 

w e fiS § 
a case- 3 



£ o fl « 

ft Es£ 
C a a3 a3 
< § una 

I b 3 * 

«<2 S B 

e o ea^ 

e o mS 

Q>1^ *> CO 

tfiOfi 

a F-i o h 
bxiS o^ « 

^2S g-fl 

j§£crft ft 
_ 0) ea ■*< 

w o tn ca m 
^ a) xl eu 
a,a>+3xi 



CD 



•a ^=2 

eu a) » 
to no 

a 2.S 

>. j5b 

ea'-'.S to 
■"£ .- ca s- 

SlS bo ea 
co £r m 






tu 



01 "J3 M<5tH 
Q o CO, 

H 0CJ. ■ 



_g s 1 " 1 -u.2' 

S5 bo© ■ ° 
bq cfa a; a> 

C 13*3 



Cc5 



SiJ 



2^g 

a> to .2 
>■■£-§ 

o C ea 
ea a 

-S-^-2 
i|& 

Itsl 

-»**-■ a. 

c? cu o 
•f*o ca 

CD P 0) 

2 >- >> 

2 a> e 

§3§ 



>~ o 
« I 

co -a 



<< 



S? o 



co ja ft sh ,C o 



3' 



2 a3^ to Sc£ 
b-S cu --B 

ft"^ MO c c 

S C8 2 C"0"Cr> 

tixl- S cu 5P 
V+ 3 2 co 2 

-§6 rt ^^2 

u s- _^ " 

■■a"a : s ; |g«Sro 






S-e 



a> cTs 



m > > CT5 
** ft ft-w c2 CO 



■8*11 

+J .„ ft 

lis I 
S's«ch 

'. ftft§ 

.*» ca .12 £ 
») o 2 ft 

Sj«H DO 

* 'ea-oo 

g aS^.-3-o 

^2 ct S 00 
e m^ ^^ 

■^ 'T? *& W ^-N 

3ftii° 




§o3 
03 



3 ft.2 

■-gag 

a <» « 



0) 



g-g-e 

CD pj 
3t3 * 

" 3 Sp3 

oi cats 

to T3 cfl 



«7p 
R« 
"H CO 

Q 



= 8 "3 



" CD 
Q 



ls.s 

.T5 CD 

C jj" CD T) p3 

!•* fr? a 

5 -u o , 

:S!2 8^ 6 

ai „ Q to bo 
C w ttfl CI 

"S-2^ S 

Kg"! *, 

S< §H g' 



0) -5 



33 ca va> 



o35.« 



4) a 
-3.2 



2*3 

•$ a 



CD 

»^ 
S-. CDT3 

« 6 s 

o -^sa 

IO CD 

i-H ^ Si 

'- | '- | t S 
so- ( n 



s- 2 

Op3 






Mtfi_e CI 
.S3 £.2 a to 

cd 53 £ a-S s 

3 a 3 3° 

be CD -3 a* 

3 ^ ^i |§ 

3 -J h ~ 5 - 13 

ftiS^ * m_2, 
call cS§ H 

4) ° " 0) -P d 
PfD-g a 
S ^ CD « 



ft=> 
<; co 



.-3-° 8 



, i4_ CD— 1 

13 °:S3 

O 3 ^ 
CD CD O CD " 

Qva-^-cj 

cdtTJ S oo' 

■ .2 el 
'w.'HbBoSdSSrt.S 

g 2 ca^a.-^ 



H & ^3 



3*3 °rd 



) a"0 a 

> ~h CD a) 

a .2 « 

> 3-3 CD 

3 « 



,3 3 S-" 

co 3 >> 

> cj^CDpV 

5 35 ->p 

-IP CO 3 

co-c|'i3 2 



eg 



t; 3 o 
r 1 co si 



?n <" r 

ffi cj ca 
.a x« 



-c ~jo 



S,P 8 CD g "l^.ffi 



o 54 - > 



ttH c3 r b c3 co 



CD LO CM rt -Q 3 ' 



— < ^ 

5'>r cd 



W-3- 



8.8,3 ag 



^ CD 



■ S CO 

Im CD 

„ CD S- 

.2t3 CD 



cdU S-a 

-p crs'S 

CD '"TJ 



© 55 ft .e 



0> ft Jh. 



a 'a 



co > 

a o 



^6 
S; cd 



ft .a.2 r §^i2.2.SS§.Sc3T3 



« 



ag m2 s «> « 3 



>8a^ 
a^a^ 



rt^CD ^ 






a-a 



sa a 



1 . CD 
. t» CO 
■ r! -rt 



ft s -a ^ a 

CD C0-T3 8 ft"" 

3 o co.2 pea 
•3 B c ft co a 
a tn s a cd o 

8 ft-pi § il 

2 o c 2 g ? 
~ 3 ■" 2 a 

s ^^^ 



2 H a^-a 3 

§§."§■& as 

>JI a >>a s 
'533 a a ca o 
o,2 a °3 ."o 
8?a « oja-a 

gJco CD ftof^ 

y o SS8 § cj 



' „ ft <° 

5 8 'S'^r^ co 

On o Co -r 1 ^O CD 

xi ^3 ^ 23 



co cS 



CD 



ca a 



15*2 

a cd S 
2-a.2. 



cd A 10 rt< 

cd j-'g^a,-- 1 

CD 2 O _2 "3 

ft^ ^a3 « 
P " o a 

<StjCp * 

*^ CD 353,-3 

3 §2 23 

"coS 03 ^^^ 

a rt LF710 1- 

CfCD CONOCO 

[-! oisd 

s-3-o a3^-a 

53 T3&* be 

.eg St3js 2 jj 
^00 ^ m 3 +J 

CD c53 « in W 

a x o .5<*!(35 
ca cd ft+j 1—1 h 



bo 4J 



•S CD 

^ 8 
<55cd 

p 



CD-=S 

xl ca 

Eh 4) 



■« CD 

il 

Q 



. i T3 -y CD CD CD 

■3 cDtdxi -3 -a 
a.a 2-^ 2^ 
cs^ 



ca a £ += cd c -3.-: 



-DSP 



3-3 



3 m a 



co 2 
CDjSo 

^.ftS 



ft 3 



/3 CD 






3 -S 3 fD^, 
3 CD T3-3 8; 



3 CD, 

3c*h ^?a 



: ^^"ca-^-P.a 
-o^-^-^o-ca^cSlt! 
■Sr, ^ o^.S-- a>tt° ca M fe ° 

3 hn to ft 1- ' 

S« B 0) fc C-B ft£"S o » 3 2 ft 
T3.& 55 ft ° CD CD-r?-^ S °^ o;g ft 

-d SaSS c ftg es .-a +3 Qxi-^ W^ -1 
S§C»"!5! ft e ;5ftacac: 

8 2 §2'^^!^ »^pa a w "? to 1 
> o ftii ftco .SauaonuJ 



SjT CD+j ft i-H 
-PP3-- 3 cd 3 

a^Sijft 

C^a u j^> 5; 
CD ->p"S-? 

a co as 



§c§a8|§ 
£ a ft l " I 

* "■£ -2 -2 1 r'* 
-2 £.£33 c 

«3 § 9 Bvg 

Oc°-2«8 
<K i-3 o a ro 
S-J 2-2" 2 

o 1 3 cd cop3 

2 a cd^ o . 
pa o-s.S-rt >> 



W ^H JP 

3 CD O 
"0« 

« 2 3 
co^ £ 
"3 ^> 

"g a g» 

CD g 3 

CD O 
0J&9- 



— CD 

■5 a 



7? * fi, .2 



O ™ 



-aa * 2 



3 



« o 



±3 ra — o,pa T-i 
^.23 S"_g J 



3 
a 

.2o n 
"S "^ ft 

3 CD 3 

<^3 8 >> 
cj 3 >> ia 



CD_ CD 

a. « m 

03 -2 if. 



°T-i c; 
-2 8 S 



O -IP co —3 u 

U'S.S 25 a co 

ft cj cd *3 a 

3 S m &>ftopa 



&oh8sI §1 gg 



=4, 

"a 



■? d 


a 


£ o 


s 


? 


jjSjj 


o 


W Cd 




c *- 




c 

s 


tio cd 

si 




^ CD 








d a 








cs a 



X 



-C (3 
■jj co 

e ft 
•2 d 

13 

■5 s 



I 



fio » oj£ 



JN-d-S ft 
^ x m CD 



B-d 



no . 

^ d 



a 

■« ft*d W CD 

■< o t>oS >> 
■a uS^X a 

■2 a Ji*> co « 

^S^'ol 
fc d * ""^ 

£ CX5 -O 3 
bfl co o co cj 



_, cd cd 

~ 6 

cd be cd 
ca « S 

d) XI 

"BO 

C d 

3 ca 
is to 

<£.* 5 

C ft 

^s . 

■ills 

Cd +J >> 

o co -IS 



H -M .> J3 -M t3 C 

'. » d S. a>"+3 
S S3 e'eo n S 2 

_§^H 0_CD £ N E 

*? 41 >i« h3 U 

S^ftJfoS co 

K ft H +3 g oi 

S; >-, ta be 3 u cu 

S^o-S «-c a o 
<« S g § ftS 

§?d d|-S • 9 
So i ■ rj h +3 ca ^ 

"OS « o^**; 

_.o8 c -y tj .y +2 

-o &, s 1 . ca 
3 O Sr2 0)O.fc 

Sh o S <- CD 

fto 3*3 ca ft 



J, g i bp 

30 <u _d 



ca « .a 






Q ft 

■52; 

c3 I 

3s 



oafeS^i ca 
M d J> -° ^ ai 

a;' SIS 13 - .^ 

7 » & a 2 ft * 
■pflcs; S'cu * 

b 3_ «J ft CO 

C fc-S-Puo rt ca 
cd .g s ts-S 

b S CD - - "^^ 



«S. 



S^ 53 > -3 



:„£ d+i 



e r> 5 a> ft- 



^ S 



S= < « 



d^s &> 

ft-8 o. 
•E3 » g 

3°2 

ca d . 

o ca- 
d^T3 
CO "P 2 

^h 5J2 'S 
« o J 

d-o ft-S 

c3-r| ca 

2 «+i d 
-d- rt o ca 

ca d o 



•9 "3 



ca^ 
d ? 




ca cd 

3g 






°s 








T3 CD 




1- 

d CD 




f>' 


CD >> 
CO 






cd 

CD 


ca CD 




UJ 




cd ca 




ca g 




ft 



h d 
ca 








§2 




CD C 


■d 

c 




c 

CO 


3 C8 




■fits 


ca 


ri 


+3 d 




•S ca 
ca ft 


>• 


0. 












3 





fcn CO 
CD 


-D 


CD 

ri 








"S.2^ 



w C t 

xi cu c; 






i-sgi 

** jj o d 

S O ° CD 

.5 d CD M 
~ h« £ 

■S^goS^ 
a ca ?o cd ca 
S « >»ft 
a o a;^ u 



J, H J3 i CD CO 
CD >>+* 



* J> Sc-d d d =a 



' CO S-. f-l cD-d 

g+j caxl CD 

8s 3s^d 

o\2-d §,- * 

ft y ^3 



!T3 3 



d CD 
.9 > 



O.O 



d ® 



a >- d 

S BJ.B 



.^.-^ 



CD 



d 8- 



2Jd 
SoR 



ftSia 
3c , 5 i o t s9 
''J 



CD 



O O 



O CO ' 



ST3 



rT X J 1 ? 

w cd ft ca 



CD J3 13 
co +3— ' cg = 
ca cd g 

d-d .2 



1 s ft >>^2 ca o 



V 2 d S o 

S CD O U *3 
I O CD o CD d 

a- "■ u >>- rt 

.2^-^ CD^ d 

■E-5.2 >.ftS 

go CJ^ gJg 

tJO CO CO ft CD +J 



S3 "sl-sl-sg 

^ a h in ca 

§ S H^i3a; 

9 ^°g§c? 



C S_ ox! 2 

^ d C 2 cB.-d 3 
@|c?^3|^ 



O rn 


e 


*- ft 


J a 


jg-s 

2c 


si =», 


a a 


1=9 


£■ a 



Qo 



'. a 



ftj 3 



-CSC 




-^Jd CO 




"2 C-H 




goC 








"8 <s £ 










S-^ 




"3 CD _, 


en 
C 
CO 


£ R^ 






CO 9)13 




W H 54H 


O 


a, ho 


i/i 


O CD CO 


C 


ft H d 




ft bo o 


P 






_e u 3 


0) 


[(1 


(b)T 
nt of 
mbin 


CO 
-C 
o 
u 



'S CO Oi 
O co 

03 , £ 

CD+? CO 
u ^ 

*.2.cu 

•^h o cu 

.22-3 3 
-a 3 s.s 

3 O Oh 
5 & d ® 

G :G. * co 
° G 3 SR 

O G r> CD 
Id £ ° 

CD CD 

^3 



<u o 3 



«3 W 
TO 

ft O CU "^ 
S3"— 1 

^^3 3 

^ 2 c 3 

-C CD cd 



K) 03 



>> M CO J CO CO 

■d cd cu s co ^ 

S3 * u bg >» 

3 M 3 b 

s s s g«« g 

uo-g;^ ° © § 

CO d'cD +j S<H 

13 "a 3 '3 -2 _, 

oxiis 2 3 
o, *^ 3 CO 

I »S8 a sE| 

<u .2 oi .5 £ 3, '■* i 

• ~> CD CD G 3 -3 ,3 



£Q is £ 8£ 



WJ IO 



J* .-L A CD CO . JL 

£ S a -G 3 g 

•*= ftcu cu*^ 

JS fl^ a; fi a 
5° -3 « « 

to S^^o. 

2 Mg -g 

3-3-3-S 2 
° SrS'S'tH 3 
_, » S d ° t, 

■sg|§-s& 
tt 5g$§g 

ftfcgs-s-s 

c-> , — i cO CD '*h 

fr> co co co x > -H 

,-S 3 o ca cu S 

id O ft-w >-i 3 



^"85 



|^§P 
cid ftBj 

S^3 *h faO 

" 2 SLS 
ft^.2 £j 

O O 3 u 
^ CD o 

O'-S 4 3 C 
£ ft CO o 
H ft ■ rt 

| ^Sw 

a 3 3 Coo 

^ ^ 3'-' 

^ CO ^ 

3SO« 
•P 15-P u 



C O.i^^tB 3-3 3 



c -5 
o ^ 



3-d 



CO 

.2* d'HJ ss 



s- ? ® 3" 
So S^ io 

C CD <D <S 

CU'^.SX)^^ 



2 -2 



O CO 3 CU .O 



ft a 



ow 



co ft; 



,cfl 



ci3 5 cu 
^S^! o 

rrt ft U G V3 
> 1 CO : d,fl 



?? "3 .^ 



a,s a 



03 CD 

5 6 



-Q G 



1 CD 



M CD 
'CO d 



^OSUlO 



fe CO S-J d-O ft 

g> fl m - 

3 ftd cu^ 

B 1 3 -d C 

G cu H 3 
J3 



$<>] 



o --5 

■^ u u cu c 

G " d >> o 
co .do 

ScScoftfe 

9 jg ¥ S 

diJ ffl 3 «jt5 g o jig aj g 

O ft g o g ■ - 

5 g-fl ft« 2 

ft§3fe^^ 

< ™Sd t S-d ^ CO 
1—1 CU -u Sh - 
*& * rt O tt 



O CU 3 

cu cu 

cu £ 
3 



."3 " uc 

-d 3-e 



CO «8 



ess 



f 3 



■ io cu -ys 

H '3 cu id ° 

oH O G 3 
« M &X! ft 

« ^g 2-2 

H° S 3 55 
M-^^id g 

bo S* 3 cu cu 
CO S cuTS ft 

2 <U 'fe « S 

2 1 &8 g t 

"G 8 « - ft ° 

t^-d . ft 
C 0<*-! O >> c 

3 U O C CO CD G 

ft ft G Sfi "3 O m 
"* tt CD CO 3 5i 
3 lo.2 O ft d G 

•2 M ^^:2«I 

03 C? CO +j 3 , 03 

CD CD G CO Gi- 

ft ft^J ft CO +3 




'9<o 3 

3^3CUT3> >H -Soi a) .CU 

" - - ^ 2 J2 « o -Jo ^ 

h-O-3 O 3-tt G-^-S > 



33 



-3 ai-SftTa 



.3 3 



3 3i-h 3 3 CB O 

ft-3 ft d ^ o o 



3 co'S 

ag>. 

h ^ 
d-^B 
8 S« 

cu s 
>^. o 'O 

0-3 

a"o 

3 3 3 

H_CD CD 
T3t3 

S cu-3 

-d 3 



3 S 3 LT " ffl'S 3 2-2 m 
CU 3-T3 « >- 2 S * °° 

0?L l »2?fi'* , "m 03 

■J o w gt: ^J* 3 ^^ 3 ^^ 

i&d.||^-g|f | 

V -d j^-m a) 3 9) .-h J, ffl 

O ft^ ^S &03 3 2d '-.S 

h £e8i=Jftg^dcu^iS_9) 
S 5 - 1 CB H " _ . il » CD'S 

f*Sr C -_ bo 3 3 «< 3 
? CO faO-Sid.G CD ft ft O 






<£ 



"3 

o 
ft 
o 
u 
Ph 

09 

"c 

ca 

£ 

u 

'3 
j= 
u 


Provides that a plan will not fail to be a 
qualified plan on account of changes made 
before January 1, 1989, provided — 

(1) the plan complies, in operation, 
with the changes as of an}' separately 
stated effective date; 

(2) the plan is amended to comply 
with the changes no later than the last 
day of the first plan year beginning 
after December 31, 1988; and 

(3) the amendment applies retroac- 
tively to the first day of the first plan 
year beginning on or after the separate- 
ly stated effective date. 

In addition, collectively bargained plans 
will not fail to be qualified plans for any 
year beginning before the later of 

(1) January 1, 1989, or 

(2) the earlier of (a) January 1, 1991, 
or (b) the first plan year beginning after 
the termination of the collective bar- 
gaining agreement. 


Employer contributions to a profit-shar- 
ing plan would not be limited to the em- 
ployer's current or accumulated profits. 


QQ 

4> 

CO 

3 
O 

a 


Provides that a plan will not fail to be a 
qualified plan on account of changes made 
in the bill for any year beginning before 
January 1, 1988, provided — 

(1) the plan complies, in operation, 
with the changes as of any separately 
stated effective date; 

(2) the plan is amended to comply 
with the changes no later than the last 
day of the first plan year beginning 
after December 31, 1987; and 

(3) the amendment applies retroac- 
tively to the first day of the first plan 
year beginning on or after the sepa- 
rately stated effective date. 

In addition, collectively bargained plans 
will not fail to be qualified plans for any 
year beginning before the later of 

(1) January 1, 1988, or 

(2) the earlier of (a) January 1, 1991, 
or (b) the first plan year beginning 
after the termination of the collective 
bargaining agreement. 


Employer contributions to a profit-shar- 
ing plan that satisfy the immediate vesting 
and withdrawal restrictions applicable to 
elective deferrals under a cash or deferred 
arrangement (CODA) are not limited to the 
employer's current or accumulated profits 
(whether or not the plan contains a 
CODA). 


"3 

CO 

O 
ft 

o 
u 

a. 

e 
D 

"33 

la 

a. 


c 

_o 
'33 

'> 
o 
u 
ft 
o 


a 
_o 
'53 

1 

ft 

o 


ca 
J 

B 

0) 
CO 
0) 

s- 


If the requirements applicable to quali- 
fied plans are changed, present law gener- 
ally requires that conforming plan amend- 
ments be adopted no later than the last 
day of the first plan year after the effec- 
tive date of the change, and the amend- 
ments must be effective, for all purposes, 
not later than the first day of that plan 
year. 


Under certain types of plans, including 
profit-sharing plans, the level of employer 
contributions to the plan may vary from 
year to year at the discretion of the em- 
ployer. An employer's discretion over the 
level of contributions to a profit-sharing 
plan is limited by the requirement that the 
employer's contribution to the plan in any 
given year may not exceed the employer's 
current or accumulated profits. 


E 


E. Miscellaneous Pension and De- 
ferred Compensation Provisions 

1. Plan amendments not required 
until January 1, 1988 


d 
o 

ja 
"S 

s 

o 
w 

Sm 

ca 

s 
_© 

"5 

.2 e 

5 a 

"a. 



fad 



> c 5*6 



.a oj s 



Tj 


0) 


o 


c 




a 
cd 
s- 


3 


c 
a) 

CD 


o 

a 


+J 


1-1 


co 




s 


(1) 


CD 

> 




cd43 

CD 




ho C 


cfl 


h 

cd 
cd 

(- 

be 


cfl 


CD 




bo 

C 

"S 


S a 

&ft 


o 


cfl 




CD 


bjD 


CD 


S-. 




00 


-a 






.ass 


CD 



o « fl 3 



<» "£ ft 

co > o-^ 
S°'|o 

§§ "-a . 
■&* &■§£ 
« a c « § 

> +5 o 9 

cfl CD cfl >>43 
,„ fl 43 43 cfl 

> ft - o< ^ 
2 « ■§ > ^ 



S a 



§"8 



co as 
ST? 



>43 o3$> « a c 

.COCD.£cO_,gcDcfl 
•'■ «° * £ I" ft3 tt > CO 

8 »B S-S B- 8 

5^.S gig & „ 

._,« fl aj ftg > 



4?S o 

CD Cfl O 
+ 3 "1 



Cfl ^ 0) 



cfl +3 "a 



CO CD w 3 r" 
2+j <1)4h ft. 
£ ffl T3 CO 

cs co a > 



o > s* 3 o a XI 

• S J? o +> cd 9 —i 



cfl,_ ftjj 3 
So 

« CO 

Is 



ft o 



CD cd 

-a a 
a - 3 



M cd _ 

a a .a 

Cfl c 

t3 C3+ 3 

CD U jj 

43 £ CD 

3 ftg 

CD 

CD 



2+3 to S co CO 
CD+* C 



co .y 

CD J3 
CD-rt 

>>a. 



O" U 



5 o 



C CO 



a * 

c o) o t, 

SJ'siisfgS 

CO *" +> E CQ -« VT3 g 

^8.8*»|^* 

g a^cD g & 

+i *0 co -tJ +j v- -i 






s e " 

5 a co 

T3 CD 43 



CO S3 B 

S a S 

hD-*3 
- CO co 



a a^-j.g^ 

CD O O r^ +3 ^* 



CO cd co 43 
^^g CD 13 co 

sola's- 

2° ^4? 

> 2 to a 

CD 43 Sh _2 CD 

- ' + 1 cO co +i 

CD C ^ »+1 

aSS'sS 

■ bX) co 

ci^S 
2 a 



co c 

c3§ 
> ft 



co t3 e 



>>C0 



■< co 43 
CO cO 
43 > 



2 ft 



8S' 
>^.2 



CD 

°i 

-t- CD 
CO CD 

S be 
CO 



e be 

S.S45 

ST m 2 

CD (m C 

PQ CO O 
43 45 





CD 


> 







^H 






tl 


43 















>> 


C 


rs 


O 



CO 



0> ,„ S 



So > 

£ CI T" 

<^<2 & 



as 

O !-. 



3a 1 i 






•^ iff s- 
S fe o 

Ph S-2 

i 2 t ~ 

s a> d 

u 5 S-e 
*> " as a> 

o d XJ 

•2 s-S ft 

~ o S " 

to bfi^ 
-^^ d'> 

J5 d cs o 

•"O O ft 



o i- S 2 i o, 

«h a h S > 5 

^3 0> .2.3 
d 5 &> 2±> 

_ > ft a>;d g 

•£ ft U Jh U 
pjO-S-d rt4,H ' 4 - 1 
"C ^ *° +> -C .3 

cS.S § g g 

° ce g g g 

fe °3 * « ca 

^cd^ JPm 



01 



€/3- 



ft b"oH 

° sails 



ca - 



d > 2P 
I -d is C3 






c c 

o> CO 

SB. *■> 

8 3 



-3<2 
H;3 



I 

CO ^ 

J2.2 

?< 0) 

<» e 
§^ 



5J g o? £; 



f-j cd m <u a) 



O <S .3 



ft & a a si 

Eh • - 



Q FT 



3 d 



g J5>d d » 
g°*d 



tM '5 "2 »h <D o 



s-d 



ftft-Sis 



'd S-d * 



<h d 53 £ a 
d ai -Q o« a 
•2- £5 _'o.2 ® 
to -a S^-o 

O 3 O "f <D O 

M O S-u ><^ 



co O "^ 



CD" 



C3^ 

d b 



U S c< 

cd x x-2 oi 

CO CD 0> ft >, 



T3 « >■ 

a> U ai 

2ft2 

> M § 

O 0) - 1 
ft_gT3 

>> Ol-Tl 

ft_2-g 



9 ft &^t3 
■" m er2 to 
„ £ cd d 



cS-S 13 

d 300 

•2 §2 

a £ 

"O d O 

01 -Ct3 fe 

crt d 2 



ca 



_ to nd CD 



Ol 0> F-H 

S oft 



fil- 
ls, a 2 

«! S » * £ 



Ill's 

S o -c 

5fj > 

^"- O-S ft 

^S co 

a d « 



•2 g os5 

CO Q. X « 

3 co <U d m 
a to gja CD 

r «3 CD 0^ ^ 

•H-p ^,H 

[3.11 1 





J3 


&,-< 







01 LO 


a 


S-iOO 




-(J 


ftoi 


ft 

3 CD 

ca 


CD 
TJ 

O 

O 


-d « 

d c 
3 ca 


CO 3 

8| 

CD rt 

rd t £ 




mr S 


O 
ft 


2 'S, 
d x 
.2 « 


Ha 


13 


m-^ 



SPS 



8-d 



S E 



on 




aa 








B5 


ft 


« 


o> 
c 

CD 


£ 


H 


01 


a 


pa 


>> 

2S 


3 


cu 





3 


e 








ft 


•S d 




E 


t/j-g 




W 


rt 





og 



So 

cu 

3 

I 



fe-I 

I 1 ! 

d,5s 



g 3 > a; 3 
n,T3 O 3 X© 



JSi B a S a) 



^&£ 



, 03 



6"* fc h >> o caa-- <-.t3 
£ 3 O 3 0> CD +3 -3 

• °"3 >> .5 s *" 1 m »J3 
BT3 2.2 3 T3 M— < E 3 

^ S S° o S^Ti^ 
£ °c2"3 m -=< >- 3 3 1 o 
.5-"^g,2a,32B 

"O onTS-g-S g ®-C o>^ 

■" 3 a.23-3^ 2-S «> 3 
&S 3§ * 2 "•S^'2 

-2 cl o - GJ3 »«»fl 
<*! >, cd 3 t3 rn - fi 53 >> Jo 
co-^Ortdocacto 

a)< i)CiH3^tl>a)2 

» u a ojcai tf » 3 





to 


CD 


u 








<> 




3 


2 




m 


~ 


CX-o 






9 


1-1 


o 


CD 


CD 
> 






X 


•or 


a; 










a 


> 












o 






«-Q 




u. 






u 


E 
u 

OJ 

Q 






01 00 




3 13 


-o 


*~~ ' 


CD 

a 

01 




01 




1 
si 


> 
o 


to 

cd 


o 


1? 




Pv 




a; 


H 


"a 
a 


ho 

c 

"3 


CD 


o> 

W 


e 

03 

w 


0) 

u 

Q 



S-&js ass 

to &, "S to 
3 CO o-3 g 3 

oi X! ns .2 cd 
>-, o) 0.-C >> 



ca a> 
3 *- 
O -3 . 
'43 3 42 
g °liC 

3t- 2 
-See 3 

^ -i— i 
* boa 
Sg3 

•2 2 s 

to _c ca 

,3^ 3 
o to o 

X !3 o 

a; ca ft 
■ a> 3 

0) >j o 

, o 
to go 

§ CD 5 * 
-u u gj 

W3-M 
-rto 2 



CD lO >> 






tnfifl 
-p Cq-h 

3 m'O 

■S'S.2 



6 e 



42 . 

caio 



■&■§ 



ii) 3 

■S'3 

<fc CD 

to 



0> CU A 

ujslo 

_g to 

_oq -i-J ca 

'S fi rt 

s S s 

3 g"43 
S3 !-; CO 

•- a 3 

3 ~ 

S:- 3 a 

&31S CO 

cu 3 S3 
£.2 1 

^ too * 

"SO a, 

Sijq s 

Kio 3 
oise- 3 



"n 


c 


















?S 3 




























W< 


u 








P 


0) 








5) 


J^ 








i~-T3 








CO 


3 
o 








_„ _ 


£ 








■if 










v« 


cn 




, 




O) 




-C 

-4J 






3 


3 








n 


3 








i 


■a 


-a 






i 

4S 


> 


_3 
*o 


S 


to 



E 
<1j 


a 


c 


OJ 


OJ 


:g 


"3 


o 


3 


e 




o 
3 
Tl 


. 3 




£ 


to 


a 


^3 


0) 


ai 


CD 


03 


0) 

to 

3 

i 

01 


o 
-a 

Qj 


c 

Oj 
-Q 


3 
O 


Jtj. 




CO 


i- 


CO 


rt 


-3 






3 

to 






5 


a. 




3 

3 










-1 




Oh 3 


o 


to 



X! . 
3LO 

XOO 
305 



WQ 



o 


3 


-a 


M 




3 


a 


3 


u 


3 


•-t 


tx 



to 



CDLO 
>>00 





Sh 


01 


Dh 


-t 


X 


3 




3 

3 


01 

o 


O 

o 


3 

3 










LI 


to 



£•-3 





3 




"0 


CD 


CD ^ 


>, 


*, U 


Q^ 




a« 


^•2 
■l-s 


CD g 


,B3 


>» t» 


N-, 


5 ° 




s'S 




13 = 








CO S 





C H> 


"e 






c^c 


Sft 




^1 


1 



C*J 



o 




CD 0.-^^ 

sjg"! 



111* 






. T3 * J j,(ll 0, B, 

C £ cj .3 -Q cu cu 
It, kT ft a* fl ^"^ 

a 2j3 » £ S.2 
■ rt c -g a » ce 

cd"3 cd ft cu ft 



s£ 



19 

sis 

3* 

3 0) 


co a> 

CD cu 


rvices, 
sistance, 
e assistar 
3, and 
t funds. 


fl-C 

7>S 


rf CO 

S3 


al se 
al as 
t car 
plan 
enefi 




is a 


hog a m ja 
CU o cu.2 „ 




a> ■** 


-fja 


— •J3'0 c a 


-C „ 




group 
educa 
depen 
cafete 
welfa 


? 1 ™ 


^^ /3 


XI 
-2 S 




W3 


-HO] g 


CO -5li lOtDt- 





**£ CU CO cu bo 
O CO - rt 43 p 



h^.O a "co 



cs a 



a 
5 ■ *j3 ca cu 

a-^-j-a cb 

cu co "C t-i 

u ft fa _2 ^ a 
3 S gUgl 

t" o <- 5 ©3 
2&.S ™£ft 

co § cot3 ca 
X> =L :a cu S 

W .5P6 8 £^= 

.a cu ft cu £ 



• » g 

3&£ 

I a'S 

2 s 

"es'-S ca 

co 2^ 

o a-s 
ft-a e 
o E ca 
e.'g» 

co coy" 
^>T3 CD 

a a c s- 
cd K cd o 
3 a-°^ 

Ch b * ^ 
cuha _&>§ 

js a ■- a 

H 3 3 c8 
--• 3 *" 

v 55 F a'5l"3 
a in u 



CU o 

a u 
ca cu 
a-c 

3 -w 

Ml CU 

a-a 

3^ 
xi m 

sl 

ft-M 
_ /3 

a 



CO 



- ca co 
cu S 'S 

ca 



3 N 

»3 

2 s 

O CO 

o 
co -3 

'S 

cu 



10 a *s 

CU 55 CO rr * 

CU CO 

>> cu 

E g £ « i-g 

"-eg J 6 53 
la <U - W ft a ' " 

Jfll-S'Sl 

■fei-ss&.F 



> ■<* io co t- -3 -j3 

-w-^w.— 'S ca 

ca 



3 co 

cu a 

a^" 
.Sjg 
.■a cu 
. 3 a 

CO -u CD 
.2-3-^ 
-a CD CD 

—< ta ^ 
o-hc2 
.ca esS 

-*-i 3 CD 
M & % 

ca 



=S ftt2 a „ 
'3 3 ., 

3 CD fD 



O o- 



t5 ca^ » 



3 i-a^-S 



ca 



CD 

ft co .-a 3 2 

M Qj -^ CJ +3 

° o o cd -a 



>i ft ft CD 

:2 " 



b£ 



* mo) .22 c a 



ft°^ 



2 -a a 



S 6 8 S 

"~ CU.S 



o.a 



„a 

HsS c co o^ ca.^ 



.ca.a 



=2 !s 3 ° s 
^ *.2 b'-S 

fie ? 
.2 a3 

» fi - c.s 

3 cu^.a u 

c-> 5 a co 
x cu ? o;a 

CU CU ••h T3 

is ftS-Slz; 
— g.S s 

^ SlI'S • * 

£ a t>oS\2 
"?? o-rt CVS 



.a cu 
cu a 



e+3 a o cu- 
•-' ©•- ft_a ca 

^+j^ co'ca JO 

^ o m -a w ^ 
c o 3 cu 3 



ca^ 
a* co 

- co -3 
CD CD S 

o u 5 



to % co -3 ^ 

co e S a 
co +j a ca a 
ca co 3 „5g 

CD CJ CJ CU +> 

h ^ .» -j3 «3 

8 g^S a 

+J o ., u 1) 

33 o Sf2 
§3ft-Sc2 
cd 2 3 «J * 

ho a CD CU ^ 

CM Cc0^flOCC>C-cX)-3 CUOi 
^-. CU^^'^-'^^^^^-^^^ cu 2^^ 



CD CO 

S.-3 



■J s a I 

53"ft 2 
^JJ-g.2 

3 2 5«2 3 
o.2Hft«3 



3 >, ■ ^ 15 <u . 



25.2 cu "> 

.2P S co ** 
co as a 

3 <" a cu • a 
^-2g«a5 

■« cd ia .a 

.S3 o g ^ 

jo - 



■3 cu 
CD "^3 

c 2 

CD fa 
ftft 



8 2' 



o a .a cu ca 
.co_a-3 ce-^jg 



CD o cu'a 



co -s .a 1 o c ^ co cd .- ca ^ 



S.» cS.S 

£^g£ 

ca^ S M.B 
cu, ^ a 

CD tn^'al a 

3 2 ° a-c 

§lc3 8.g 
a.S^S^ 

_,, rt CD o.2 

§S3£ a 
Sl'o^cx 

i> S3 <» x 2 
g. •'- cu-a 

— i o a cu cu 
c c-rt ^ >. 



cu3'o- 

^ja'a^S 2 

H p 3,3 c 
^ ca t3 o . 
ft ft ca o 



co+j s jo so 
£"S|".S 

cii«a.g slo 

-3 O +J -u 



•21 

2 "3, 

.ss 



K 

(z 33,2 *5 
Epl, 



oc £ 



° g s s a 



'3-5 • 



<D CO 



CD .fl 

ft-e 

B CD 

5 o 



OJ 



W B t *'^ 

2 O CO 



&C 



'2 * -23 "^ ~° 
3_ _, a cd I 

c« -g vj3 -u V3 CD 

co C CjO p,5 

.2 cd - b _ 5 a 

O o u O w 



-° 8 k-° 8 fl S 

.a 0) „.a CO m o 

o o t*>© cj >>o 
^ ft h w ftS 



g2 l °S2 

CC CO (J) CD CO 
CD ft 



a'S-a 

co C ii 
g« g 

co B cd 



Oh 



«.2 £ 



ja jj 



* Qd fl. ft *"• *-• 

j:g82^a>&£ 

2^'--ao>-'-Bfl¥.fe 
^ d <« ^ w (Si *^ ™ o^-.o- 

(M Jfl P B COTS COJ^ 



g g^ a c3 ca-o "" 

-U >» O j "B S. ° 4J 

gS'Seg.t'SJs 

9-9£^§®-S°8 



■2sa o §g,S§;3 
B o ^SSnii^ 



,3 fl-*22 



cd -s a o 

CD CD ft Bo 

"3. * S S 

a ^ fl ea_ 

fa o O T3 
CD =*-„,>> CD 

0J43 g*~ a 
"fl S £^fl cd 

A * "Bco B 

ft CD CD , CJ 
B >>P fl . 



f° 

CD CO 
ft CD 

fr co 

o ft 

°3 
_>>ft | 

2 B s-i 
-fl >> co 



CD CD 



C8 N 

&2 



I O C, g 

! to «K 03 



a ~ 
,B 

.CD S 



•rt to ffl to 



T3 B cd 



B •-3 O -w 



-^ ft"T< 
cS b tw 



nXi O >>(D fe 
^BtS'H, to >> 



OcDftftbO ftcOoJ B 



6 & 



513'ft 2 

— bB - C 

g?B ft^ "ea 
JS2 3«2 s 



CD o 3 '"B -m 

b-i O BU3 

»1 (J o S 

° S.ffi s 

■*± OT3 co" CD 

B -S cd ja 
t3t3 



m m 15 

-2 CD-,- 

"O CD i-. , 

cd o.22 

&, cd a 



g'sl'll 

ww ,2 « 

IS CD 



• w ea 5«s a 
0,3,1. ca"0 

"* O" St O CD' 



CDO--0^i- 



t- CD CO -M CD 

O co *J CS rj 

O B S 

C ^3 C3 



^6 



■5t3-m c 
4) CO « 

JS1.9 



2 CM 
13 g be CD 

5 -J 2^ 

I 2 co bo 
R.S C3 a 

ft B CD fcl 
ST 1 CD 



e4 

B 
cS 

-B 



S CO O J, CD 

3ftS& 



>. J a « >> 
5f! o <" ^ft 
2<2 § a g 



S « So a 
S So. g 

T3t; B°° cd 
«ft§^ft 

gSo^f 
o boo aj 

Sh B ^ m CD 

CD.Beo- cd^ 

ftT3 —"5 

^5 13 a £ bo 

B.S' 

K 1 CD 



2 s 

g o 



2gg ' 



10 a> 

•3^fl 



J 2 5 a 
o Ha) "^ * a 

-^ k" CO O H 

2 ff 8-S 

6 a " ^ _ 

_ rr, S ¥ « 



a 



CD 

e ^3 CD 

Si CD 

CD _ >> 

— ft 

>>T3 g 

-TB B CD 

£ SB" " 



CO 



co ea S, cu . -a „- cd 

CD CD g 1 b >,=*- g -H 

cd J2 * a^ cd S 
>> o ftrri ft^ a e 

^^ g^>,-^g 
as o aj oft 



S CD 



CD h a 

o CD 

a co a 
Jag 

>>2^ 
j5* a o 

'a -^ cd 

R r CO 



< a 



-co 9-g^a-C 

CDic "CM 3 

fD «-^ Or« 

>-, sh .a u 

1.8 P^ 

CD _ ~^ bO B ^ 

o a cd a ^5 

_B CD -S 

-ot h * fl cu 

3 co ° C ^c? 

fl'abo^ a " 
o a* a flo 

u g.B o oo : 
cd "-A m' -1 ' 

^ ^^|&! 

_a co ^Sj 

.SP^gSbO^I 

jU s 2 &-S2 ! 



Sjco-yboi cdtJ "3 
^ >>ca a g'g a^ 2 



CD 



«S ftTa^B""? 
c S5 „ g^ 
3 " 2 § 
a -a 



35 cd^ 



& fl 



^ a 

a CD CD 

» a &>> 

"ft H B 

a a 



ftftS a o5^ 

"^-B CD CD +3t+n 

-a-fl CD -S O 
ca bo >> a bo 

ft 3. S - c ,2 

O «" P ft 3 ^ 

tn O fl B'pB _^ 



a^ o a 

«JH )H o 6 

°& o» 

-IJ cVa-W CD 
J> ft CD S 

E fl A J2 S 

- CD g rt i 



CD A 

2 2 fl 



O Q) <S 

° s rt 

L>,-fl CD 



o a a 



cBC co bo b 



CD-" 
ft & 



TSg 

co *j3 

fl a 
a co 

2 fl 

CD CD 
^^ ft 

J2JS 



8. -2 ft 

I" a 5 

g ca s cd 
g u o+* o 

,rt CD ^j^-j .. 

o b fl := < fl 
o o 3^ o 

°-fta b'-^ 
o a S ° a 

^ S-2 a 
5 S 



^ -fl 

2 " 
•S fl 



5h o 

-Q ft 

s s 

CD CD 

St3 
CD 

>>ta 



SS8 |g 

Is, 

2 



a ® ft >> 

fl-fl fi^ 



Igfl^t 

S-J § co & 

a fl cd fl 

co a CD CD 



a 



Srfl >-> 

3 bbca 

.3' CD 
-fl >, 



3j3 S-a a 2 

3 bo M a S5 fl 

^^8^^S 

2 2 ca2* 3 a • 
2 ca ~ g a cd 

fl , CD ■ a S O O 

a 2 a .-a2c2 

B g ■** CD CD flT3 

** 5 > m ° 

, I CO o O ^ ^ 

aS»|ft|-» 

2 &a "^ £ S, 



g ft" g-B 



ca 



CD 



CD *h. 



:^ 



"l«-2s2 
s » s 38 

ja cD-B,-y 



a-= 



cd a^< 

a.S o 
to -n o 



rfl o 
Hr! co 

CD ^h — 
ET) CD 
CD T3 



M E° >>2 - 2 
0"fl co g • 

—< cd cd a 



-fl 2 

1—1 2 1 ca 
fl 2 » 



KB 1 " 

ftja o 



Se-p-3 



.5 Oj3- 

2 > x 
,o.a a 



cu.o 
'a -3 8 ca 

"S-32 cs 

S2 bofl 

c^.2.2 

CD iS -u 

ft^fl ft ca 
fl ca 5 fl 

O 3 UT3 
jy bo CD 

i?PSco 



CO CD CJ O CD 



bo 



>H_i C0--H 

8 g^^ 

2-2 <d M 

S.-a ^ 

T3T3 £> 

fl^5 „ 
cd a ft-- 

cd 2 S fa 

-a A CD CD 



^ 10 -a cd 

^^ w CD .B 



"q, C 



a u 

CO s_ 

■as 



£■"22 
>> fl > 
o a > 



fl £ 



2 "2 is ft 8. fl-tS 



ft 22 

fl'S 2- 
h fl, 



B ^ 






-§2 



Bh ° fl 

a -fl.s 

*" * "A 

o ca 
-fl $J 

CO co ,2 fl 
' 5S -g ft S 



'ai-acEra 2 2 
>h 2 O-^-B fl 

^•B^2-SP 
-a a-^'T^ c! 



^-g&ca-s!^ 
"a o+j_a B'a—i.-B 

§2|3|2| 2 
S a-fl "10 x <u 

3 .10 CDCM CO CD 

Sc?2^2^^l 

.as^s^^t 

CO 



CD 



? CM CO ft iS"B 

.__g a 

CD fl 



O 



-a-a^ 

2 o fl 
fl S a 

a ft <o 
2 ss2 
o. a 

•a§| 

si -s .2 
<d ."B -a 

« 2 a 
r-! a a 

^3 CO 

t4-H of fl 
O CD CD 

ST.S >»2 

fl "AT 3 ft 
ft ca-R e 

S22 • 

UCh^I 



> 53-fl 



>>B 
P 3 

as to 
ft a 

2' s 

CD CD 
4)jfl 

2 2 



cd -a 

CD § 

i^-a 



^^ a 6-2 

ft ri 5 mT 1 





3 a 6flS 


Tl 


^ co ra ra 


a 


& a> « 1 1 *-' a; 



"gcSo a -a 2 

-D COLO co ft CD 

"llgl 2 « 

2 |- 8 J^S 

co co O aj o,S u 
> -a to a g ** 2 

_ CD flO S-Pfl 



-a co 
a ft 
D2 



cu.SS 

<t« cs e 



pfi .2 



%b ag aa 
■°-c ®^ £ g 

.. al sjs 

2 s 22 -s c 
o d "O 3 ^ > 

° <»&■£ I ^ 5 

03:3.2 cs 
g> cd cs f* o 
TL+3 03 1 ** 
a ,d-w 

by be 

■S.a 



0) 



38 . 

cd-d 



ft 2 of* 
o m h Z 



g-S 1 



>> * 



Eh 



? CI 

o 

01 3 
CD 3 



> 

2 S3 £ 

"O ? bE* 
o to C+? 

"2 a)- " 5 
2-dj< 2 

3 <<h '3 fe 



-2° aa >» 

JJfSlp grig- 
's .ajf-S 8*8.9^ "J 

EhtJ P h cs cd2 « 

3 bo cs 
P CI 



OJ 5t 

'O * 2 



cd '3 -d o> 

S S 04) 

. >> 3 o >> 



S-f? 



>i 3 o >-> 55 



2 ft, 



o bo l~^ 

3 «<-i Q. d 3 



a> d'3 ° d 

O IC-S U 41'. . 
-5 _ 5, _. CM - 

0) XI in cS 



^ cb 



d 2- 

« 2. 



O « 

•s.s 



.T5 03 
IS 3 



cd tu 
J3,d 



3 y 3? of 



■A -a 

i — I Q) 

S.S 



CJ O 03 

5 C C 

03 JR CO 



,<i> a 



lis 



s 3 

CV7 1 
3,d 
p <jj 



a> o 3tj +j 
a-A o ess 

-£ o t3 of cd 



2£ ft»« 

a a §«§ 3 



CD-Q 



ft oft^| 
cm Cco^fioiDt-oo-o-^as 

3 C ID 



I O CD' 



-CO 

3.3 03 



o a 



>>0> 



-2 a a 



CO >- «> 

2 2" 

03 -C -i-i 



o 


0) 






-U 




S 


£ 


-w 
>! 


0) 


bn 




hn 


C 


73 


a 




X3 


> 


0J 



bi 



o o o 



^ 4> 

j-oS 

E-eg g 



-3 

CO * CO JJ" CD S 

2 s " 2* S§ 
o £0 o ^^ - 



m oi 

o 

0) <u 

-3 m 



bi 



-3 _e o 



03 "3 03 5 

CD 3T3 CD 03 

CD 3 O CD 'O 

.„>, O >> "S 

} O tjj bJ) O -o cd 

in n en o. 3 h 



ft«)"ftfe ciS SftS'S'ftS a 

a^aag^^a-a°afl| 



- — -«J - — - !h^ CD 

i-c-1 CM 3CO S 



ft^ 



'S 1 ^ fllW 



cB 3 



0>' 



fix) 



H-e >> 



$sS3 



CD O 



.5 CJ 



3 C3 1) O r-3 O' , 

§ cd g^ g are g- 

^ a gi§ a a c a 

"^ CD ft 1- CD CD CD 

SftasS . ■ a 

■BrtSrt^SOrt., J3 HI'S O M . 3 



3T3 




CS 


3 
cd 


-3 








CD 
O 


3 


O 

,d 


>> CD 


^ 



.3 Hfl^ 



d cd ^ 



a 



^^ll|l -ill lllls 
a'Sg § da^-'°-2 J tt»»2 a S 



-O bc«3 CS 3 



* 1 s* 



03 -g 'C "p^-a cd 

§ -I fi aa § O 

D.CJ CD o ft 

33.2 g^ s 



CS 3 



1 3 'B cD * CD 3 



cs oj cs a .a, -a «2 fc 



«S« ft ft 

rt 2 o> 3 P r 

i, Q, CD O o S 

cd l, ft 03 S 
a ^= ® ? S§ d 

cS 



bog 

ab 2 sp" 



3^a 



2 a 



03 CD 5 
CS£& 

>>—;<*- 
otto 

o,a+i 



03-" 



a 
-gs 

S-i CD 



« -H 



5j2 



h CD d 03 _ 



[3 bi g -g 5 cs 



£0 eS" 

3- 



3^-dM 



■ t«-3 S 

i C « ro 

! <= - S CD 2 

CO CO (-• -f-( " 

, cSbO'52.2 

1 cd ^ a ^d 

! 03 CS CO cs uj 

] .- O „ 5 bfl e 

! 8 cd §J^.s| 

Lssjsgi 

!'S«8^|o 



CS -. 

•2 a... 

2 3 « 

2 S " 



■a c h-H 

.32 §^ 
ii^"2 

cdj3 a ft 

»« g. 



>>M 



d m 

■a « S 

MS^ CD 

^ a ^d 

CS 03 CO eg 

XI cs 



CD 



^M3 
3 CD 



CS (Jet 



CSS 



>>.«. 



CO 
o 
3 £ 



CD O 'O fl 



CD CD O 3 =*- 

3 S.?* 3 s~ 

B.f4c4h ,d ^3 



^3 r cS 



^ft-S 



13 

d-a 3 

3^ 
d CD 



03 ?M £ 00 cp 



■43 w "3 -a 

2 1S"3 8 

ft 3»»b 

a .8^S § 

010 u cdX s 

CM^JSj-^. 



** CO 

.2 g^ 

h CD CD 
>^X1 

cd2 >, 

CD CD 

JS 'CD 

33 S3 

u 03 

CO t^ 

CD 3 O 



Jh CS CS 

3 d 2 



r°"o d 

:3 X! 



CD CD 



0) 



-l S d 

2^ 
3 cs 2 2 

*j ^x! .d 

15^ O CD-O 

213 J3 Oil 

S3 S ^'> -5 
•°f. » S3 03 

CD >"> CD io CD 

S cs a>. cd 

rt 2^^^' 
S3 ft " 



CO 

c 

CO 
-3 



03 ^3 
CD o 
CD g 

2^ 
"E, o 

S-8 

CD g 



2 s 

d CD 



JcOcNf 



cd 55 
be 



CD CO CD 



3 3 
.3 03 

.3 2 co 
bD-^2 2 

a a» 3^ 

CO !-. co cs 
, ^'bi 3 

>iS-S2 
-« «3'3 cS 

2-7! CD u s 

2 gx cs o 

2 ^^ c 
'E^'fJ'dS 
S^rdiS^ 



be 
3 



c & 


£> 










ft 5. 

° 03 


3 
'Si 



Hg 



~ C ft 

eg o> 
*> S3 

^ fi-fi- 
|*§ 

ill 

i— i ^ w 

§3 s 



£S 






13 $ S g. 

3 +* o,.y w 

* fi 'S^ 3 

n-2 § I*. 

S-^aiS o 

"O « lju C 
kS 1 ); 01 to 

I g ^ CC T-( - 

cd S 



c?° 

•S-l ft^? 






fi oi 



3ft 



U 03 CO 



ft G fi O, 2h -^ +j fi 08 ft . „ ft 



~ 3^ 



'-g-o o> cs 

; c c » c 



s to 

■ w V 03 
<o 03 fi o> "3 co 



c8 boifi -" to -" 
m » o 3j 

Q*+i ■ — i _o m 



t cm djo >* J 

fi On5i?>> 

2 §flo 
5*2 "S c-- a 



C 3 t 
03 ■• 



... <o 
ts is to 
3-3 C8 



be 
3 3 

t,_i 3 



_eCOT3cOClC&.3*co 

■5>-icuft3-lH[-a>33 

+" CO +5 a 03 3 +3 -O^ 3 

5P S-3 s ~ SP ° <S S _b 
.S B 6 8 »a „ g^s 

Ju (otj+j >i^ fu oi 2 



ft O J* Ci CO 



S 8 C3 O 



ca 



oi o >.3 33 o ". 
o>-a . 3 o fl 



'03- . 
s-, ,d cm 



.2 >>-! 
oi"^ r. m m-rt r> ftTi 



ca' 



O c8 



g co 03- 



M, 



■« G oo c8 
~ fi ,-,,-, 

<3 03 i- 1 CM 

!§fft ww ' 



£ «3^= 



to O 



ass; i e 

3 ^ Mod g 
oi boni 3 33 J 
cd.S^» o £ 

£ "03 g C3 U5 



fto £-2 « 
ft M b 03 

03 to <" +^3 jo 

2 3 M J3^ 
■ Q -3£ r O o 3 

co t -1 0) ca 
■O 3 .£ 
^3 w.3 
3 03 fi 



co s 
<d g 



® >,B' 



+j d) ft ft 

S S B cd 

^3 ojja 



3 ° 03 

'SO > 

-2 c « 

to "2 -3 

311 

« w S S 

h 3 CO 



0) > -5 "S <-i ?> 

-w to in y p< 

3 2 o CD 03 B 

m ft* « m 

o >-, o ft3 

g_U c5 S ^ -2 
S a °^ 

CD H to 5 to 

"t3 0)3 3 8 

„T3 fl u O ft 

CO 2'co to H 3 

W "C0 3 S S S 



0.2 to CD ^ 

o P 3 



° 3 « g> 



H O 03 

■ be >J3 
b£ & 



03 T3 



cu 3 



S 5.3 



03 03 



co 3 -a 

3 03 

»03 b 2-2 

3 -rH 3 a 
2+3 -g.B 

3 bJD B 03 co 
OfiBlnfilS 

C --H CD " CD 

C 2^^ CO S 

""""-2-1=1 B « 

03 >, ^^ «T3 

-53 03 fC 3/ - 03 a S 



T33 03 - ^j 



0342ili >h fto ftoCS ft 



^2« 
o 2 - 

03^^ 
3 cfl ft 

3« 
'.3 CD 

^^ $ a 

~ S^3 

T3 3 _-3 

^ 03 ' H 
3 co 3 
to 03 a, 

— . O co M 

d fe -2 3 

X ft-*- 1 ■•-' 

^3 m ^ 

3lG*o 



>.J.if!fi 



.-S3t3 o— ' bjD.-*^ 3 fi ( 
3^-2'co to .3 >3 03 



fiSSS,^^ 



3*6£Sfi^'j- 2 i'gU§ 
^to^^gt-toa- ^^ 

oi c si.S ft -^SrOfi 

0303C8 - ^atO c o2 3 
t3_0 ft-S.g <" y 23 fi-K 



otE 



03 CO CD 
O fi CO 

0-.-S 

+3 03 fi 

o -- 



ft CO-"' '?, £8 

C ^ 03 ■■ " 



_ bD 
! ^T3^ &-S 



§3 S 



3 fi 
S 3 3.2- 






fi 3 
*J ^ !>- 03 p i-h 
03 3 ^ ft.fi 03 



B-S'Sg* 

H « IjStH 

CO g"3 03 ° 
03 D" co CD 



ej-i ft_ ^2fiO a , Q32STtOCD 

'. o -Sr "B fi C a) Sft * to c 

8°-j1| 8.2*1"^ fi a 

-OQ,_^3j3tifi3 -"22 
^fe * S - M» E • co 03^= S 



-^ 03 2 
to S3 ft 
03 2+3 o 

O^ftO o ® 

B 1 ^ fi co 2 

llWl 

O CO S co - 
5iJ ft3 



ftO^- 



J3< 



*° 03 - SPt3 »• 

SrOS-S C3 fi O-O 
^ 3 „VC I- C >> 03 3 03 3 

^■2^ SS'Sft+l 



8.3 S 

"ja o 
^+>tn* " 

CO C0O3^_>, 

,2cM B 03* 
^^ii 03 S bo 
+• 3 3 3 
03 +333 



Hg+^ 

ftfl-SS 

rn 3 3 

<- m <K <" 

< J3 OJ 

a, cs co e 



S i< ai 



CO 



ftfi o 
S 3 ^3 



c 



ij; 03 
3^3 j2 
033^ 

ft 55 

C 03 Cm 


is 

03 

c 


s- 

03 
> 


B 

o 
o 






3 


O 


03 


c 












^3 


n 


03 




crt 






CO 
+j 




Oi 


>> 


M 





03 


03 
tf) 




3 
bo 


■n 


H 


>, 


03 


CO 




fi 











3 


3 


3 


ft 


ft 


M 


03 

n 


c 


Cm 

O 

03 
b£> 

2 
3 
CD 

o 


bD>5 

+j 
cStJ 


fi 

0> 

M 

03 


-a 
c 
P 


c 


C3 


3 


03 


3 


c 


03 


1 


0) 
3 




O 


J0 

"ft 


C 

CO 



CO 



03 >> fi w 
^3 ° 

:s -^ 'aS 2, « 
^ _- c "a SP .2 
-073 fi 253 



2 E 



-£.S o 

03 jj_- 
w 03 .2 
fi +J 03 

c c ft 

CO M , 

03 CD b 

3 a <2 

010+) 
3CM co 

-2' -1 -2 
^ 03. 

03 >:2 



03 



o 3 



^ 1 3 § g bog 

ft co ft ft3 3 



c2§ 

■sg B 

3 o « 
3 03 > 3 

ft+3c2'^ 



5 .a ft 

aj C +j 

M ^) 

ta fi T3 
C M 03 

3 -3. 

°J fe 3 

C > to 

k^ CO fi 



3^ ft 

M ft 

ft CO 



|SS 

_ CD CD 

.2 -Q.fi 
IS to ca 
2 c 3 
£ * * 

-Ssta 
h co J> 



<a s-. 

S 3 



sǤ 



V.2 §1 
5 ^S 



co 0) - 

•SBg 
CO 



'.:S 



<m 



~3 CD 
Q,S 



>" OflTj ^ 






6 E 



CD CO 

ca ■ 



.a | 



fl >L « 
ca ca ca 

2 « 



ca 



>~ £ 






ca cd 2 



-a co ^ J3. 



*> jj CI ra C >> 
,r! " t! ca ft CDS 



ca ™ 

s to£ .a b 

£~ a s 2- 



S 3 «> cd S> s- «^o «S3 



S,aoS <d ft« uf, ca 
••a 8" ST" » o^ 8 I 2_§*f e 8 § 




' (-1 Ji _C -rH _ CD 

BQcDO^O^caS^-r; 

-SJ OhC*_( CD <4-l -*J --H -J-J ■-. 



caio _ 

C3,—. ftCN O 

°-£J B <D <D 

O OS « 

u o -n ca 




6 3 



SǤ 



tl 












£ 


£ 




*w 






a 


CO 




a 






S 


CD 

E 


CO 


W 


cfl 

"ft 


oa 


1 


s 


CVl 


3 





nS 



So ffi g 



i-S e- els 

o3 "mS-S 
3 gss vg.§ 
g^* St? g S 

_ OT CDS PI'S <-i 

c3^ ftcB.S 2 

CO 4) - 
O > 

a» 

o T3 r>,3 "£ * C 

C f— <*S 2Cw' H 

05^^ ca_D 
ca o - 

fjj ; Hi | 

K CD -h CD 0,13 - CJ 

3>-OOJ)0 

O* Ca Oh O O U -M 



i O i CU B 

g-^ Ss ca 
OT3 a> , a, 
os^ ° £ 



« h ? " w 

g«s-§ 

I £bi«j o 

•Jo S^ « ft 



■h So o£ 

o-rt ■** S.S 

0-^20-2 



s 3 

3 CO 

co C 

3 ^ 



""d co 
g; ca 
a 

to CD . 

■SSS 
%&& 

w -2 CD 
B,S 



c S «J 
*> 2'°'d 
Ss'> c 
cu cd o ca 

S? S *"! 






cs « 

co -2 co 

ess 



>> s 



s 

•So 



CD 



CD 



a cd el -5 "ca 



1 S3 a 

-2 53 2 

Q, s- CO C 



CD 
<±> 

I flt- 
~3 » 

CD CD 

S fi 



^B 

as 

"a! ca 
o o 

g CU .S <D 

Ho -a cd 

S.S b o o 

^ Dh0 Ca 
00 S S ca B 



"co ca ?. 

"»! 

y=3 

S ^>^ 
g gs 

s O..SP 

0) JoS 



co ^C o 

CD *^ fll 



i^ 



it** -Q 



co ^ co & 

iS 3 ;§)« o 

CD S^ « - 

a cd c c 

CD CO m CD .O 
.Q 01 gxi-C 

^ cp S^ ca 
•-CM f*> co y 

CD -h CD S 
CD O, CU CO 



s * 

|D o « 
I ao" -1 . 

I fi CD CO 
*> O 1i CD 

co -S ca cd 
s S3 

aT g co cd 

g OTJ-O 

cq <D*f5 
s 2 * 

« C CO 



CJ 



&o5 
43 o 

CO 

^s 

>> 3 
3 "3. 
Is 8 

£.3 to 



S o 



03 



0) • 



3 **^ 
oj.2'-' 

to Q- e* 

?e£ 

fcj fi Jh 

0.0)0) 

•Soli 

3-^3 
0) 0) 2 

K3 a 

"7? * 3 

3.2 a 



■ a> o cu 

O 3 >t „ 

be ft to 
OJ ft o> 

M j3 3-^ 

oj 3^3 o 3 

43rt 0J M 

>> 2 cd <B ^L> rt ca 

I ft-g^'g* 

5P o> oj t< a -u-9 
3 o« « ™ g 5 

SSfiiaoo 

3 £ C S a; 

- 3 3 c-Q© _, to 



s«o. 



.' OJ to i .' :■; bJD 1, 



3 .J3K1110I a) 



M to 

3 CD 

■rt a> 

3 >> 

^-2 



fl o » 5< 



o -° 5S — 3 B< , 



o a-a 



t^2>£.2 
« 4> .3 3 ? .t3 



H 



fc< 3 



uX- 



0JT3, 

£1 



^.2 3^ 
1 £• & ■ 



" 3Xi 
bc-fi 3 

■J o fl 



^ >>-e o o 2 



0J OJ-Tf-3 2«S 

H, a) S> -rt -i += oj K 

1 do o s -3 itj i,_ _ 

I v cSts Si &_ ; — -'3 

T3 ™ S 23-3 H 
•h ai"H » CD 
> S75. ° o?S 



8 ft 

ft 3^ 
o 3 

)- <" 

<=o 
oa"5 

.. to 

.•a 2 2 

3 to OJ 
3 3^ 

s<~ « 

fl°0) 

iS c <« 



-5 ft O 



35 X 

ft 0)' 

oa 2°^o 

>, >> to C bp a 

-3 3 '~ 3 "3 c 
-S, ea +3 si ■* «> 

•1 - 1 h ., -p 



c <- 1 -3 



M^H 



3 _4J 

.■*h Sc5.a 



3 £ 



■a 2P s so 

be * -3 ^ 3 oj 
ca ca o cd oj 

-W to V. o S. 

3 ® a -a " ff 

u >iO * ap, 

u o " c 

41 "7! >i ir! cu 3 

ft & o »^ oj 

OJ 5 to 4J ^ 

— n ° SfipS 
TSSS'tn ca 3 3 
B 3 3 J3 aj 9J 
ca co.3+3 o ft 



^3 



g-a332 

<U 3 33-3 
ft ft 3 <U 

-3 & ^>k 

■p n Sfl ? 

cos .a > 

■w« f! «"« 
^3 ^ T3 cl «> 

oj to - o. a s 

S cu 3 ft-" S 

Ift.-S^l 
■tj H> 3 ca 3 

3 S -3 -u to 
•— ' -rf O J3 OJ 

^^3 -, u* 3 ft 

<« 52-p o 

O ft C .3 o 



^T- 



xi aj i in 

)S s a .2 £; 

_ 23 oj 3 

>,5 2 & >>+p 

tlbpS'a 
iSA-a.Si 

2 0Jj3 3 a 3 2 

OJ 3 OJ m ajXl 3 

Jh B*" StH °0 
tB-S-w-S met 
■3 US'- 13 

t-J^a to o 2 
,Q u o ft+3 



cu cd cu 

2 3 3 

s ».a 

3 >> 
^ bo 

3 &S 

§ -82 



- a. oj 2 

to S-S ft 
oj 0Jt3 o 

"ft,- +p" to S 

^-Sg.Sft 

S S oj 2 3 
1-1 ^^ "^ja o 

00 303^ 

3 +33X 



4) J -p-3 J » C «3 

S^S^^Stngoj 
ft^? O 4J u 3 CD O 

3-2 S S^-g « 3 2 

2 3 u 3 "3 O 3 
-^Sftg^X)^"^ 

0h3 3-S2 ^a^g^ 



oj figio'3,6 

fi 3 CJ.-I B o 



> O OJ 



be to T3 

CD O 



3 



CD -° CD Sh OJ j2 _a ft^ 

O OJOJTJ^So-^ 

CD 0) K+3£ C SCN cS 

ft CD OJ oJ-J.3^S.t-i 43 




.i i 3d 

2 Si-t* 
•J3 -g o 53 " 

5 » S3-2 

ft ^3 0J"3 

'OoKm 

2 «bB 
■B -g-2 as -J 
c« OJ e 5 *;^ 
o oj ca 9 ° oj 

4j &> OJ ^ I- 

gftloca^ 

oj oj 3 2 2 3 2 

a, . oj t3 - rf 3 3 

^J3 rrt -h OJ c 

"5 s S s a oj 

- -e «-s fto- 13 

Q-^! SK oj to 



3 ft 



OJ I* 



OJ 



^J3 



OJ o • 



3 



to I h A 

is a s 3 

CD OJ^ OJ 
3 3-^^ 

•15 m ® 3 o 
Sid 3 ft 

S OJ 3 B 

a l-^ s 

•c^^a3 

lSto§g-§ 

a r h s 3 



G^3>^3^^3 OJ 
Oh .3 ft OJ 



ftOJO r 34JOo3 



3 
ft.S 3 OJ 

„ s oj a to 

3 S >>B 3 

43 ft O OJ 



«i8 









S co 3 co <d^ 



? 3 ft 



s a a s § c | § 
8*5 Sills 

°\2 o 3^ a §^ 
a-ag-Sg^-Sa 

£.5 ft S <^ *> 
j>>i_i m. io n ca m 
ra ■ m a Q, co 
«i2<M £ o fffi-S 



^.2 <u 



>^2 



£ fc, > "3 <u ca a 
'3 o ^o § > ™ 5 

t* d w Er o TO q. 

.SBcOft^ocO.:? 



t) h S CO rj t] « 

Igi^g^g^ 

P'r? cd co_a ft 3ic:3 73 

«c2 g £"£ Si 55 g 



t3,a cd "3 .i 



^LC0C9Q'f4Hffl 



„ cB cB _ 

co co cd? 

J 8*8 J, 8 
ft.S I S c 

3--h CO Q> g 
Co ft -u £ 

.2 cugS^ 

. . co m CD 




« >h A & 2 3+3 „°oP S.S-Mca 

©"2 p u ? g~ § a jH ><c sj-a | 

ft"o cs ca 



El 1 



=i, O -3 ft o ft o 



CD K 
1 S " S « 

ft 0) i .2 9 § 
hpcB-3 ft 

" 5 ft ° ° 

Sb2 o «x 

$ ^3 hp© — 

>> a la 00 ^ 

O CB fi-w « 

a ... o ars 

8S fi ^ 
ft-- & 

<»<»«+* • 

,£1,3,5 toSC £ 

° s £a P & 

«ii ft ^ ft 

is ftC ft cs a) 



«> 



c cl3 s2 6££ 
Jim « £ g ^-a^iJ 
^i-i ftft^ « 2 ? a> 



■a- 8 3 8.1 8 s 

cs^ c s cr c 

ft S 08 ^ « .5 
o S ft^? >> S C 

-".-S cS-S >;"3 c 

■efn ft g^O O 
C 0) O H > cs 

T3 CD fl> 1 .^ ^J 
CD CO CB .3 

S<H CO r/5 S 

_co ft a, 42-" 
.fi ® S!3 S ^tS 

jS SjS.fto^ 



^ggcoi^ii^ 

tSftTJ^^CS^S 

>.§c3§ H -S:§| 

rt 3s^ft*sci 




"2^3 5|.&3 



T) S-Q 






CO CS co t4-i -w 




^ irr.3 Ken Or— 1 co 13 t2 c3 

s^^l^'Sla^i.a 

cS'ssga^s^ari 

5 S 8^ S-33 g «Sft<D «>T3 



_ CO CD -rH 

|*.pi 8 

' " I 3 « 

CO „£ 
wj CD "*"^ 

CDr-J O 

5.2 .2 fi 
'a -a ft m D 

•fl Co S tfl 



£- 3 s $ a 

ftgoS'g-S 
o $ o nj cd g 



II § a . 

3 o c S 



^ $" « » g 

a o « S^3 o 
-a^^ftO-A 

> S - *= "fto 
S § e *H ftX 

S8^§2» 




co-a u j- cd c^d ft 

ga^ |a-,ga 

3-.^ «>C0«-3Q 



;g ft S 



CD 
3 « 



•3 »-B 



• a 2— 
boS cd S,-§"S"- 2 

ri 3 m 3e o co 

co-g ^2 o3.2 E 8 

a 8 c?.s s -s * s 

+3 CD H ftCD^Qjjja 5 *; 

,3 *j , o E-w x« cs 

^-e o « B 3 J? ?> 

3"c0^gg ^^ 



.g ™ i"ca o a 

S 3 _,5 M 

3 h P rt -S R co 
ST3C13-t;.3 C 

£ <» a 3 3 9 

-K "S 3 § O .3 rfS 
O S ai x cj C _ 



^Sgo-S-5 






o 3 o co 



-353 ftj^^ a,^-^ g 
3 cd ai -3 J S 



>.§ . CD >H.a^ 
ffab'S cd-o 3 

a a*o^ j,2u 

g E 3 o S-S 

•" o co X-- 2 
3 8 3 S 3.3 O 

. ca 2 "B S cd 

5 ft^s o«-° « 

'■g.SS'fpg C uB'^ 

fll « '■ ■ ft 'Tl c — 



ja-w » I g-B cd ft 

2 s m 8 8 a^ 

tc?83§§j| 

^a^ 3 gjs £ 

jg o bp a? g cl 3 g 

o3xia a S a s 

S ca 1 *-. 3 ft <r> ^^S 

,Q CD O ^ ftJ3 O fi 
CD^!-icOro3cB3 

tS S £""r T «-3'3 ca 

is S^^? 3 a 
9 3^ja S a-c 





S hos.E J x^33*cOcDb 
g ho o E ° +3 ft >,,£! u no . 



S O 



gT3 , 3cDTO W 



3 3-3 fig 53,2 ^ 3 

^ 3 ft>T3^ b ?? CD U 



s ftS^S 
co a>!2 3 



cbco5ro'7!'23) ^i-aj 



cd c 



o aJ 



^S^SI^s 



©■° 



0-3 






TO «' 

ft=2 t S8 :5 s53-a 

oS«»3,tt)^.S 
£ eS CO CT-O +3 o 



^-3.8^ - ;; 8S.2 

■Ohflo 3{^a 

£ ^'g ftg "S-o 2 s 
i3ocdcb3cdX)cj 



C0S^_CCSS5C^ 3 3. 
*t°cS'' S o|§§|BE3 



1 -r-i 



a t- 



CDiO.SOcD^TjfStO.S 
ca 4j +3 CO ft ft to ^-?*3 



«.e 



b*s 



^^ 



e 



e 5 



K5S 
o 
■B t 



e e e 



o a) «) i 0) d i 

> c s 5 -^ „, 3 

CU a-^.2 ft 

ogoa, 3 ,3 -a 



Vj-t5> 



r-! ^ m 



3-fl 

-£ O 0) 3X1 .73 

fl^ a, 0> '« g 

6 a2 



J3J3 3 s " HI* 
+3+3-3 cdx^ +3 

3 ft+a •[-( 

«.S > 6 ° o 2 

"O 01 -3. fl ft— 

g>g m -S\ CD o 

'""la's ® <^s 



to — «« Co 

to C 3 o 

O 0) „ 

fe-0 5 0) 



gaa „ 

_h <d co 
>H+i fl 
o to 2 o 

-P.3+ 3 

fl a 
^1 >>& 

■2 3>"3 8 
>-fl 3 ° 

O +> fl 0) 

Sm _ S <U 



bfi 



3 > X! 



CD 



3 



&l3-fl 



hcv-n 5 * £>Xt 

<;u«o BZ cu 
";wau» . g 

S«fi- S -»§8 



Bt-sh K> a .« S a o P 



{ J2 ." <D ft.fl CD 



Ph"3 CD > °0) 

»Ho«;ftC 

-3 
3 _ 

S'^- S 2B 

"■gq-, CD 0J 
3°^ 

So O 01 Q.J3 



ji." 1 c+j <" C'a ,3 



X SiS 



p* ~ ^ 

CD ft-O 



K 



3 CD ,2 



„«C 



o<3 



rt CD O 

+3 .fl o x 

+^+3 ft 

<hhC*h _S Sh 



"3 -S S O 
>X! 3 ft 



Ph ■» 



h g^s£.S &3 23 ,3 2^ 



£ 3 3.5 >, 

cu 3 a o — 
CD -s.S "2 a. 

ft On3 Ji co . 

-a -a g£ o ft 
-S-S <u S'ftS 
co « co cy B-^ 

3.2-2 CD CD h 

S.'S-S'S^'S 

S^ftl^g 
o S 2 s *- 1 3 

■£ B °* > 

^a's * g^ 

h cs c s o S 

"§).& s * -S • I 

< cs s [ 

' - a 



a, >> C 2 fa 

.H I..- fi ft 



^H." . 



Mft.g^ g aja 
■B«S§is^JS 

o CD as 3 . — t H- 
D,a CD g * ft a, 
CD fD hi to a £ 

co ffg^ cd^j a 
3-tft&- a rt«S«5 

§ a .s cb-§«s gs 

co cD_j -S C3 p> >— 1 

CD rt Oltl J- 

CO OJh ^•5 " CS 0) 

-3-5*^0 a ^ 
|^a^ g»- a 
-S a .2 a >,^ c o 

« CD -M CD "-^ o 2 
CDT3 CD a-'-'.jH u 

cr.3 ^.a ™ cd © ® 

^3 fl 3 c<!3 l"^ 

o-m o*.S w ft cs 



sum 
ca-^ S'S ^ 

ft C— ' 

m =*- CD O ^ -H >> C5 

" i§ s ^o§" 



a -a 

•9 B 



Q "13 ' 
ca ca ca.a *^ S 

CD Lj S-j ** 

.^t, CO a, CDT3 CD'S 



ca ca ca.a *^ S 

CD Lj Sh JL 

jHtiH 2 CO CDXJ CD^' 

^ogaia^ 13 : 



jf a 



<d >. to a rt 3 &. 2 

^+:gu^^ cd 

+i CO q, sTTJ 

£ ca gsgjj-^^S 
■3-§a.2g||.2 



ca b 

CO * 



■^ cB 55 5 .9 90 » 3 
e cd H Cos cd 3 

BJfi O UH h O 



_ « s 

fi 3.2 
OfH-3 

CD bd 

»gffl 

S °E- 1 

I jg 

5--a CD 



ca g 
28 

•2P 



-a a 
H S 

^ fl 

c5'Ei 



C8 i en co fl rrj 1 
fe "3 CD 3 CD S 

«j- g«3 co 0.3 2 

•^SSc?* 3 2 

g-S- S.2- s 9 
a >>5 » 2 cd -a 

ca .+ 1 « S 

„, fl c ca CD"^ CD 
- .5 o co _,, co 

■a 3.2 fl >h"S ca 
a a -e cd o 3 cj 
cD-r; ca cL<& 3 

'O fj N ff O CD 

».23|^S^ 
g-g-g 8^ ca-^ 

Ph CD >■> t* CD .S 

-u - 3 cd • S 

^.2^^^- S § 
j2 a .•• > a co 



«-s 

sis 



=> S. 



1^8- 

"5^3^ g 

CD _ g ft 

ja ca-3 « 
o 2^ 

55 CD_, B 

co'3'2iS 
jg"g§ft 

® 2 a 2 
a ftCD-a 
CD "^-w 

ja j, o ti 

2. SP B-S 



^StlJDl-gfHfl^SHCB 

ft ca ft ? Sb.s +? cd cd 3 



-Sg-gr g.2S"6 

toS If-S 2*3 3^ 

-£ » * i ^ s ° 

.CSffilHjjSS.S^Hl- 

»- « ftg/S^J 
& 3 ?i * o 3 S^ 

g 9 CD tt CD O C8 

Ofi^ ~<DX1}H'3 

ftoftJS-a „ *>» 



P • rt . 2S -" 



CD > 



l^c^^^ftS-gcl 

2 3 « cdj3c2-j «-, 
3^ CD 3 CD £i % 

-a 27] 0+3 8 * S 

2og£ «feS3^ 

OCi ? 3 o CD cj > ^ 



^SgE.Si^^CBS 

,-, ca 5. ft ft«A ® 6 ^ 
3.aSco ca l3'2 a> 2ca 
'o J fl ,H ,'3cp !n S B-a 

ftfl.^in^S 3-30+^ 

aV 22a>» J cDo„ 
J3.2 8-5,2 $~* a 

res m « c si **- H h 



tS'g.S 

-3 !h 

S 'cl| 

h m CD 

agja2 
3 g a- 

O CD ^ 



S3 a ?<8S°gii 
ftU-a 5 b "j^-a-s h 

t, ft ~ 8<+h a^-3 3 
J «i 2 3 0-53-^ g-a 

-^ cd fl«" H a, »- cu-g^ 
£j3 g to S-HJ3 g,^ 

^^^> CD fl fH ^^h !h 

j5 8) >h^ OD.,'3>.., fl 

w S'agfl^Sa2.o 

B cy.3.3 +3 fl o cfl-C 



C >>^ 3 

M a*" a 

O CD-3 3 

*S o fl 3 

2 a 7? cu 

.a 5 c fl 

e 3-9 g 
fl 3 O 
.3 to u 

Sh fl O fl 
0.3 -2. 3 



J.Ois<-«c8«i t a3 

"E-B S aj 2 8 ° 2 

a-^fl^^l^s 

2S2P S" 



o « 



--3 co .y 



ca cd +j 



3^ 



l-a|3^ 

3.3^ 



SL5 B-a ? a 



>»+3 



CD ca CD 



3 



CO 

cp S 



CD 



3 CD +3 3 o 

2 a a" >> a 



fe.2 «t2 2 3 « » 
_s a ft g cd .to a a^3 g 
r n9 H co_ cDa)S'-*3 

a cjfl-wB'33'Sflo 

8 g & .23, we s3 
fe a 8 2 9 a 3 a 
a,6 a2ca'SbctcD 

^^^.g^tas 

« <h-3/_3 

C 



ft fl 
3 3 



.3 bD co -*j 



C-H w ri 
Sh -h 3,1 — 1 

3+3 3 cd a 

- CD 3^3 fl 
(h ftt3 CD 



& 

« 



W5 



.A 10 

fl s 
is * 
-8 °> 

'g CD 

aj £ 

-3 o 

-g cd 

SH Q) 

-u h- 
3 c3 

£ a 

■+J o o 

a ""3, 

8>>a 

d, bo 0) 
d43 43 

® --3 

2 k 



<^Sh 



*" *3 -rH -fl 



CD 



03 . 



u 9 j d 

S S»S 8 3 

shoo § p.,5 a ft 
,003 2 53.5 d 3 o 
^ H '- | 5-3 d-~ a<3 

m m <d c wo is 
ft* %-° fr~ r ' 



Sh o 



T! p O:rt 



S-'a 
c3 g 



[Ohm 

So 2 



£8 co^i^-S 
3**1 2« 6ft" 

W g.S a) 043 Jh.wiU 

•ass a £-2.5 



a * 



o gj c 
<g43 o 
cd ,ih 

£? 2 « 

c3 43t3 

a^ a 

9>ra o> 



8-S~ 

03 CD 0) 



5 M 

o d 

>.a 

_ B 

S'B 

o a> 
a.- 



■*ce 
a> 

43 

fHJB 

'. C300 

« ca^H 



43 £ 4 «3-b d 

p/Hd^^ 

2 t&'B m.a 

-a >>-* s cu y 

l-ia^S 
ise/a-a h • 

ffi B-fi 2.2 to 

S SYS -a 
o o* gss 



0) 4) 



to 43 



C8 



a>< 



:co 



CD 



U >' 



^ u cd 

CD U 

cuQ 



Sin 85 

8-oja 
- 3.-S 3 bD 

■" - ■ a 



S 



& c8«s : E'o.a 

CQ o bDS-C 
« cd-^ cd« 

* 3-5 §12. a £ 

U > C S Eh 



£?« 



CS rt " CS CD 
ft'B'C <2 . 

* a s^. 

S'S s * 

3 x , 

o PS c fe 

SIM- 

ca E a> 3 

to m 

ft 3 b a' 

O 3 CS 3 - 

ftg-M 8 
»-S § ca 

C _ 3 -w ■ 

■[o_cd cd a 

£ S K £ 
-h © 3 

2 2_r-°- 

ft CD CD 



ft-a S^9 § ca3 

j? q -js a cd 

a ess cd---5-s^h 

fl -^ i H K CL L CD 

a^ C-w.i3,CD ca 
mCDCD ,CB t t3 0^3 

S ^o>aSca2ca 
m u bo sr.- 

S_ii « --g ft* 3 - 

xcg m -s a a-o 

fl £ 4>-S S 3 fe CD' 

S<2SS°.2^ 

^aa-siSgSi 



gag^bflS'Ss^aa 
s ^ gil^sl 8 8 5 

CDjj 2"^ 3jOtj e 

a 2 a S ° c^ c^ a g 
llftft^c^s^'s.ax. 

c.o^^ ^>cacDM-i4S 
■i-i >^^ += t 1 C H a> c c »h 

3t!^ HCBSg -w^j-o, 
O bO a fi flD S/T3 «H Jh S CD 

o I.-S is « S e c. s o s 
n » ,ui23 "NCi^ 8 

^asM"a§>,T3^s»a 

ChQ ftca-Ctj^d cd 3 



co .3 

© .a 

ft CD 



fl b 



8 S'» 8 

C 2 3 

ca bi'o > 
43 X cd 

** ft ^ 

c32-s« 

ja CO C w 
+3 fe CD . 

^^ft 



o.2 a 

s- c 3 
ft C43 



ftJS 



* OH 



M O CD 

-§£-a 



CS_ CD' 



* a 



5&S 



fe-3-c-a 

a ca^.-g 
T3 • a 

a s-^ 

ca o-Su 

S'S S (H 

CD CO s o 

S -s co 
ft o aji3 

-3 o — ca 



.spa 

T3 ca 

"53 

CD 

caj3 

■si «.a 

3 c3 § 
« ° bo 

43 a) Sh 
^ g O 
. 'u CD 

_5> ft"« 

5 CD ™ 
°43.1h 



<_2 fe 

I'm "^ 

43 3 

,^ 3 fi 

S m B -HH 



-3 ^.a 

2 d 

3 3 aj. 



43' 
II 



cas. 



CD 



ca * 



/ Sc3 



ts ca 



3 o fc 

3 ts<8 



2^ a 

T3 CD C 

2 -w CD 

> 2 S 

ES d m 



r -*J CD <C 

O c?V 

*a p 

4) £ 



1**3 

' co <u O 

' OS 53 te 

111 






J>T3 toTJ » 9) 

-^43 a a 3 H 
% a.2 4)£<h 

^Sft^o^ 

^•2 l"»g 

o3 fc ° ca.2 
&,« 3 >> u *i 

«a-a^s °2 

O^j « "j3_3 
&3-3 2^3 3 

2&«>oiSoo 

*^ C H JJ J 4J -H 
CD 52 i2 r« ±2 

a§rt.as| 
§ >»"S a> to a c 
as S-fiJ 3 -a 

^•Sf^42fe'o8 
2 6^- 



o d •L'v 4> 

f-j -u.a >> CD43 

43 ca o 553 
2lS3d 8 n 

U^* I- "3 
K O »1 |x. S 
<D Jh <D 5? &?3 

ft®4^ 2 
"3 C> 'S co 
ca CD ° CD "^ -i 3 



'S 23 

3 13 42 
3 3tS 
"^ co 42 



O C3 

^ a 

ft 2 



t= w cd a 
a ?! 3. 



a 3 



CD 3 



a rt ^ 



CD >-,43 43' 
) g oj'm 3' 

)"5 rrt * 



cq-<_ 
S "3 



o-3 ca -w 43 CD 



cd ca 
a> « ° ? 3"^ 

In^-gO-ScD 

ftfe 2 cdS 

^sa^ s % % 

BJftO 

3 a etc oj 
j-j cd a« eta 



sa co 

CD 

S co a 

43 g 15 

w _ d 

3 g -a 
cd ca g 

ff'ft'S 

•2 ca.»S 

ia"S r 2 « 

^ S 5>2 



41 01 i m ffl 

53-§'l«S| 

43 -^ 1> 

>. co d<a 

>>h CO g* 

42 ca s-.S d 

7? 3-S-3 

— - O Oh 

-a >>cDio 



CJ4? cj 



> S33 



«S fl) <D 

8.as c a 
|8 M .a| 



ca 



fc-ggji 



S cd ca 3 
a b 



8111 2 
o a A a-- 

l8 5-a| 

CD ^th w 

43 w ffi"3 * 

^■^•1 a a 

-3 S ft* 
3 CD •* ^ co 

ca .a\2-& 8 

M >- H g S 

•P R co 



2a^2- 5 '^c5^ r 8 

"•" 2^a «ift§.^3 a 
.a a g'sc-g.fc. g js- 

CD ■ g 3-Sbg M-g S » 



■a eg M 
g'Sb-g 

H-. to ca 

,. C3 -u 

CD CD 

"3 fe-3 



in t.'S^a jfis 
co ca a. a « ° 






&^ £ 



.2 



253t( ca"3 
^«--3 bOg 

g ^■' H ft a ca . 

co a 3 a^ai's 
§§'§IS§'&3£ t S 



ll-sl-is ■si.'SJS 



in-a 3-6. 



a ^ «» - 

ca OJ ft Sh 

53:a£ 

co O co 5d 

Sh" © § 

_^ ca^^ . ^ 
5 &T--S 2 



cr 3 5 °^ ® o g 0- 

£:ti4a«la 



4)3SCDdbbCD-w 

S r /$8a.EiHd>2 



'H -a -a 



s>3- 



<h dgo cdhS « ca a 

o a ca "3 bOMH sh co ca 



§ 8 



2 S 

d, 

pq "a 



co 






™ S A 

-SJ5 
SI'S 

CS 3 



ftca 3 



egoo 

a) a 



3J.S ® 3 fi 

gn-w T) o e L 

» S3* 3*3 

,2 o » 

■** I •"£ t! » S 

0) s; 0.3 73 

£; 5 ca 3 a 



o n 

° 0) 
CO -fi 
C3 E 

Si U 
•^ CO 

juQ 
,3 

*• ca 

Si 

1 1 

<u a 
a 'So 
"Wjg 
t« 

•S »-. 
■C co 
u >> 
^o 

^ as 



S^^SS *> ^ co 2 to a 2 in a 

2 co^^.3 3 3 &,3 ftS.oW 
3_o oo 03^73 ta^ a ca^ 3 ,"- ® 

3 ^ O-^ S 2t3 ^ K«T3 as 

to ca <u S xi ft-3 S 2 " a Ji E 
>«><BBft3g^>iciSg?e3a> 

13 ta c <d «"« .S ° to <o.a 2 -a 

bB in «S C 3 T3 Si >> <" «3 CO hn 

S BS a) * ^J^s-* a a^ 



hBT3 CO i-J T3 T3 

.Ss5 8.2,2 
so o cc rta 

.3 •* ta in tn ta 

faCrf) ,3 .0 *" 3 

^2 |2*S 



Cu 



.to s fe a 

CO Sh -t °< =* CO 

3 S-3 * to a 
|£2:S§| 

'. ft "fa Sa*- 

Wj-H CD 03 CO » 

^ ^ to co co 3 

•s«s in a g* 

<h o ^ 0) (0 ft 

ta tt-t ta s-i ca ta 



-3 « a 



Sfio' 



3 J Si: 



cS a3c3°si 6o lSo 

Irfis^* flag's a 

■g a3£ m 8'-"T3 o g-g J, 

§ 8 >.SS8 t SS:s5.aa 

«&•* a* Stag's* 

ej -t^T; »- g -uC3 

t!_ OJh Q.,C0 +3 ca £ bJO 
« -3 -rt o "^ ca tu -g 3 

Dl^^ao.^jsl^-8 

a ® a 2-3 ioja=£-2 3 
axj-ia at3 ca ca ta ax) 



ca S a a^ ca ca 

3 CO a; CO f> 

3 3 a> o COjg 

ii 2 r to 5 ,, a k 






8'tt'S ouc-"^ 

rt co a ca-" a--H-3'i3 
I 3 * s a 8 jo '3 g 
8*3 «.2 W 8 a a 






i S. b « * a « 

>i to «T3 cp 3 53-3-3 

-2 a_'3oc0'S 

Sits § 2*8 ? s 

iai-, fts to a_ S3 
b a.2 o ca a co 

.3 <U-wcfli3coc8>> 



•-C 2 'So * 



<-l-l8 
>-3 a sh3§ 

!5>>§g" 

! .3 S -S to 

' CO Si O Sh 

i-^alcS^ 

! 9 «^§ . -a 



0> t^Tj 
3^3 3 

5 "2 * 

-'3 a 
ca ft g 

q to o 

a -S 
* 3 ' 

jofl 

>- r>.-2 
^^ 

to ta a 



a co 

"to ® 

§1 

X ft 

S! ® S 1" 

CO rt CO CO 



00 JH g S — U § 

05 ft o „-, 

.3 to ^3 .3 

■g 3 ca ca -s g 

H to 3 to h— 1 

<!.2 bDo-^. 8 s-'S'O 

<-i o w r> to a. 



1 11^1.3 S| 

o ,sh S: co 3 -y -ri P 
5 -3 S-. Si TD 

s b § I M a- « 

3 § rj u 2 Si 

.*. to V3 co T3 ., .a 

■13 3"3_c! CO-U m 

a g ^ -^ co t- M-a 



M 



p 



>3 3C 



ho—- to w 
co 3 



ft O' 



tS co CD T3 J3 0) _t 
° aija Co m 

ft cO 



.a ft 3 ® 

CO O B S" " _ -» 

" § & § Sj» s 

cd;3 a) eg a)!-3 
£.3 2" S * >>a> 

§J £ o>_o-£ "53 
£>3 a, "3, en g » 

fe^-a oi S-^x) 
V° S^ x o>.b 

» « rj 0> 2 ° 

Sen a* a-2 

a S *0 o m B 



-u> cd nj 

+^ "Si? 

t; aj C) q 

> to 



t* CO +J 

£ a g 
I g-a-a 



» 0) J) 

co +* '> 

fl r< 5 

o 6 oi 

■rt O to 

CO ,. CD 

n to S 

'3 o>.5 

a. «.a 



lis 



J 3 m 
5 ."-2 



o> 3 



T3 o 



.a <u- 



.e'eo 8» 



^r t-i w to m 

h S 



3 fe Si 
C? CD CO 

;§,B,2 
C *» C8 bo 

_ oi g.s 



too>S 

h E m 

o o_S 
ft 2 +3 



.2 a 

43 O 

fa 2 * 
fa o> a 

O g-H 

a> to 



a -2'> 
a 10 6 5 

<*- >,<! ftio 



£ &a 

- a jo 



OS 



5 H f-( 






.a- 15 -! 

CO "3. CO 

<B a 

- = o 



.S-S-tf B 



C8 ? S 



° -S «r > 



So 2 S : 



>c2 



CO (H Vh 

>.a d 



5-3 .b 
a a 2 

c a I 

•a * a 

i — i 0> co 



CO 

ft^3 +3 



gS| JS 



5 &a 



£1 



3 2 ai3 a^ 
jg » J3.S 

Oi 3 co .3 

■^ O 3 m CO 

^ sis 3 



i5 > 



« ° <c « fa 

■2 «> a- D 

Hal* 

~ ft^ >,w 



3^0 

_. CO 0) 

a co 

o 0> CO 

•43 a ° 

« O CB 

fa crS 

a* <= 
10 c. a 
a a 
ca P co 
■ fai co 

a »'a 

co Tt CO 



to 



^ 5 -*-» 

CD ^» 

e'-ia CO CO ^j 

S-, > ft l* 



="0 <u 

»xfi 

CD CD 3 
C CO 

.3 a; to 

Tt 3 CD 

•a ^-a 

a to* 

-S S a 

OS 

to-rt u 
S co 

■ H N Q) 

fee y> ; 
a3 § S 

S bjD P 



.gSS a -g_^ g fe 

^^ S 3 4> 

co o CO « -S w J3 . 
^ to S co 

^.ag'S.-B^fesI 

.3 ^ CD co-Q-^ ft 

s 



S co ft 

"—CO 

3 . 
cd.S 1 CO 



s .s 



.a a 

o 
.2 co 
cd a 

cj; j 

X 
CD 



'a 'is 3 co 

-S co .2 .2 
.2 co g to 

a -2'> 

3 o> ja t. . 

«" >>< ftlO 

01,2 

*• ft a ^ 
to a* a cd 



00 



•B-a 



co _^a — 
S co -2 « j- to 

S-a d'2-J*' a Si^ 
S -S^S|g|a1.a^^ 

«-S.gfi S3^'-5 t-'-S 92 
a -y ^.y fft X 3 ,rH co to f! 

a S 8 ^ S ro -9 co 5 cO co-J'S 

"faoCfc.S" 1 ^a< 



I a a ^^ 

g gOn 2-T 

a co ^f-n >^. 

a cd r3 2 1 ^ 

a S"° 2 



5R CIS 



- y 3 



CO ft 1- to <*-c ■ 



<*-^-n „CD 

.3 to > 

•• CD V3 

"3 OCN O o 

I- "E«S 

a-g; >h 01 (D 
o>-?i ao a 

C3^C0^ & 



w g S2 a 

c^-2 § CO. 

1-1 £ 01 ft j, 



o tn 

CO CD CD -rH 

•3-3 fa &| 

2 BcS co 1 " 
,2.2 vi cot3 

fgrB >i CD^ 

■e co oJ2 " 
u 6 a ft S 

t*H CO CD > 
X S 1 -^ CD 



• 3t3 
. o 

CD O 

CO cO 

•2 1 



u 3t3 o2 
CD *a CD ^"H 

a > -c $ o 
js fa-S fi 

53 ft ft CD 



B 

o .3 
_ co 

a 3 



CD CO 



►. 



a 05 



o 



CD 


£ 


a 


CD 




0) 






C8 


CO 













£ 


IE 


CO 


B 


CD 




B 


u 


— 



&h'S 



|8 9.2,2 
5 8*8 




. <D 






S CI 2 5-o 

.Si 1.9 .9 



>>■- 23-3-3 
3 '3 J5 3 2 

ta Eve 

t^ e CD -* ^ 



-- o'S c 2 
"*£ h 8 S 

'g.a « fe cd 

*£ « 5^3 

g§ S-o S-S 

SEsao 



^ » o 

ca g+> 

U °T-1 
. *H ■ 

Ru n 

* 3 a 

C3t2 

a Si-a 



"3t3^ 

® C 

'O .s 

t3 



miii'-Haimo«a)' he 1 *-' 
3 "3 £ d-S-a-^ja co ft eO 

J813^S& Jit 

w a 3— i « 3 *-i fl ft 

-a >• § Js ^ s s 8 te 8 

O O n &<•-* 3 -* ^J rt-v V u 



CO O CD CO CO 

13 co a '-C ci 

2 -w Cd CD CD 

£ 8"^ »-a 
8^.2 -§3 






.■Ss§-g.9Si -a>^ 
skills* 11.2* 

S 0> C8t2 3 Sj3 5 0_ CD 

C ^ B ^ " 



rt fll r? 



« 8 * ? 2-3 3--S «J3 
Voolca^g^^g-f^ 
+u)B L o go* cd >> 

8 g CD 0..3TS CD « c 
.2 "3. COl £P_2 cd e 

• g^ 9 boil's la § 



-=1-3 J?" 

y e 

s^ a ■ 

O CD 55 TJ CO 

a >> ft cd -° g> ,>?— • c ■ 

9 J3 g *§ « cd 



>,§ fe o * cb s b.5 S fa s3^* 5 S S S 



ult 



CD £ CD C 

h s b ffi 



(S 



cS co 
n> 3 



-_«H 3 >> 
a> o o -w 

5a -a w cd 

•-J 3 ft 

«« L o 

3 " m ^ 

s ,_, ft cd 

---§s_ 



5 3 



CD 

J3 O « be 

■wfl3g 

<H *•!, 

cs^j cd— < 

w 3 CO^J 



nut. 

>"> ^" 
,0-0 ,2 

&~5 ft 

8 ° 8 
H £ _ 

£&£ 

3^ CS 

~-~ 6 

-T»1.3 

cS 3 fe 

en s- ft 

&^ 

O « to 

£ ft cd 
to .g 



£ o.2P 3 

3o»u 

-w CD cd 

M-d co 



S^-ft-flO-gog 



B +> — goa o -g o 53 ■ 



"•o^g 3 £_ S..3 a 
>?3^ ift^'y S-p 



03 £^+> | 3-n 



co a) CO _H 5H 

ft o 



■W CJ , .—I -+J 

£ cSTJ 3 3 



CD 
» 3 



-3 _5 

J C>>1_| :i I+jS 

i'l-aJ ST.!" 8 ' 



Pi*!*-!*" 5 * 

■ft 3 id ■*» -tt 



s s 






... g i|-5 

O* 3 O — 



g g 3 

u 2 _, d) a mgS 

a) 6 "'ja S'o c ° 2 

■"3 m -4-3 CI) CD _ 

s b _ 



CU -w CD CD 

,-1 cjlCcG cS o Get; 



,_? Ih C'3 & 3 3 

+3 to C ai cd 3 K 
d 0, CD §oo CD:2 

_ — <u 8 m 2-S 

£©£,££•£ § 

"-3:3 XT}* " 

CD S-g CD 15 .CJ 'S' 

J3 cS 3 -jj " 

« - s o'?t 6 

2 _T3 o ~ <s 

3 3 cd-o fe P 9> 

__ O M "-H ft"" *H 

HcDCD^O* 

8 s-g s: 3 W S 
S o e m fe cd 3 

12 5j g 3 3 > " 

S^:3§^ 






cd c« 1; o 

W i3 H ^^ 
2 "B CD 



S rt 5.3 
to "3 •n.—t 



3 a >> 



332 A 

O CD 

S."3 * 
^2 j) 



3 ai _ tot3T3 
3 ™ "3 (i) CD 

3^ »>« c! 3 



QO'd CO CD 

3 CD ft >ȣ - >, 

2 § Gi5 S-g^ 

■+J -*J '-4J ftPn -M ft 



"■£ cd ^'s -"-"-s 

CD CD-m ftS^-P ?3 ° 
^1.3 ©to Ou O Co co 

a cd .2 c B b'Yi o 4J 
« M s csi55W -""3^2 

_ 2-3 cot! CD "3 S E 

g< 3 ^m^-dH-"^ 
2 S « cd * « 3 'CSi 

C p ft-2 ft ca cy-J3S3 



3 «S 
"'•C to 



31.99 

"Cft^ 3 b 




iT3T3 

s^ s 

ftlo 3 



5-5.2 

- CD.^ 
3^2 m 

."3 S « 

88™ 

°3 is 

CO CO rt H 
CD ** ft CD 

M 0; 3 8 
S » 2'S. 

_^ cs ca 

_i"s ■ 

« 3 a 



CU 5- S c 3 
3 fD |.S S 
CD ft g 7- 

-_ CD -"2 

*_.„-_ 8-0 

"° 8 m^-3 

cd gig 

3 S-3 S-b 

CO ™ ** CD 3 >i 

S3? -■**«& 

ft S >- 2-So 



CD 3 



•3 ft 



J n g B,3.ii g, 

(X o ft _ 3 c* 

_. >) CD Ph CD -S 

ftg 2-SO ™ 3 

•3_3 3 co>K cd 

.3 ^5 O CDCO J5 

to ft _ >H fl 3 

S 3 3 o CD 
CD to --H 

5 S'S CD CD is 3_ 
0_§ ~ -tncC CD CD 

-° „-*i __: >-n_ 
to to 3 "3 r3 

0S-_J b-2 3* 
h cd - b & S"_a -g 

83-2S c -S«ft 

wrift- s ^-s a 

<co 8 2 cs-S cd cs 

Cd OXl a3fiii 
_!• o o 3 co 3 CD 



a 


C 




j: 




a> 


CO 

- 

CD 
3 


s 




CD 


1 


is 


CD 


9» 


O 


CD 





00 « - 

ai CS 

i^o_ 

OiC g es 

E 2 w ft 

Hg_ 



_: w 



a 

a. 
s 
'3 



i bO-£ i MS© 

c Pg mas h 
2,2 S«w ? 5 
c^3 o, o > cb«3 



.a-s 

> +» o 

* fiti! cb^© to 



OJ 



CD 



oa 



2 « 

43 O.T3 
D.'o g 

«tn fa 
-U OS _CB 
O ft-3 

3 -. 

ca CB 

■a*» 2 

S43,2 

43 - 13 ca 

*• CB45 

O > s 
cq g 3 

<J'0 tn 



2 2 cq Ǥ^'S 
85jj&§8 3 

*> _ 3 CB, "3 

o g -5 « S.'S 5 
B-g bo.3 2 >» rt 

3 h CBS S « 
X> OT3 O 3^3 > o 

S3 5 cb , T3 -3 
o c Soce^ - 8" 



-3 "55° ft 



cd ^ 



,o2S 



cats g a> S 



as. 



°.£6 



3 o 



o -3 
CD< 



>> fa 



5 S g MMa) 

^ 3 Q fa TO 

S-p ft'&a 3 
c-2 



43 a a 
2 o-js' 

«►» © T3 
,rt O IS 
-3 CNt 
ftswla 

g S 1 

ft cd 3 

Dh u 

5 cb o 



01 3 J2rd 

S ftS u J) 4 

s JiillS 



«*X- a 



x h co S'tuxi 

43 .2 HO (8 



U AM 

bpo;3 
43" '" 



g CO 



53 53, 

U C — 1 



£ ® 



3 g-s « bo 
g-i ^ja^g 

■S.9 Si^ 3 

"flo§ H " 

e O+J O g • 

£'S§> 9 ca 

53 C°.fi g CB 

S* 3 a 2^i «2 
its c c'S'S ° 

1) O C K C j, 

K - -G "^3 ^3 ^3 o> 



cxi 



- .i -^ u/ -^ cu ',.',13 u u'+« J A I- g c c 
$■£ S+ 3 ft >>§ 2i!3 ft >> », o ^3 ™ • rt • » 



3 ca-S © b 0,-3 

S <B « o * - 



ft a§«a|aCS.£o'3iS 



SS-^t? 



mj «h $ 



© ca.S ft a 



s~flw> 3-^S43 >,E-g o o.S 



c^^<a-s^:s,a=r 



3 C 2 S3 

ca'C a JS ca© 
3 



ca" 5 b' co o 'ft • 
0.7? o> -a 3 ' 



CB CO ca „, 
• 3 oft 



0«3 43 




S'S <S ft. 2 CB" 3 - fa ^^ -2 O 

3ai3ca3'3ca "oft bfl-rj y w u ' S co 
vSl, J.'H ^ cb +3 S -53 -rt "" co S 3 O 3 

gShlj-i's1^i"SM.g"g - ai 

<B ca.S c8tJ345^i; cb^JtS+3 c3 eS-w 53 <B-g 

^5 0.-3 ft ca ? Oc5j3 cb =*3 ca ft.53 *s ca ca o. > 



a *S e 



CD *^h 

•3 'O "S "-CI ^ 
3 " 



« 



•> 



>5C 



*> "^ ca-d 
e <u co .2 

?J co fa S 



i532 i, 3 

i73g a-- 



9 S 
o cb ca 

CB J3 



343 a 1 ? 

a 2 -C-o 
a cb^ 73 « 



w 3 



°-d2 M 

S+3 ca fa 

•2c?|- 

ag^^ 

ft 0)53 3 

ca o 

CB co S -a 

si o ° ca 



^2 



"m 3© © 

S So -S 



SO o o 
£00^-0:2 



.2 fa-g a,«= 

ssSgo 

fa CD S"5 

3 co co ge/9- 

S &o -? ° 

« 0,3 >>g 

■cago^g 

O CB J3 a CD 



3-5 
co ra 

a a 

co ca 

ai 

. CB 
£ 53 

la 

-^> CO 

3 _ft 
CB-3 
co p 
CB S-i 

fa-53 ca 

IE 
^« 

e^ -a 
5. 

+j CT 








T3 
fa 

crt 




E 

CD 


O 




CD 3 

2>ea 


T3 

C 
crt 


So 


O 


fa 
CD 
-T! 


















en 














O, 






>J3 




CD 

fa 

ca 


ft 

ca 

CO 


TO 
CD 

-3 


343 


TO 
CD 


en 
Oh 


CB 

fa 


ca 




TO 


>> 
O 


O 
CO 




3 



CD 


TO 
fa 
CD 
O 




1 



'■*£ 

ca 


CD 
3 
CD 

bo 


'■« 3 13 
3 CD ^ 
3^3 O 


T3 


p 


3 


a 


fa 


CD 


ts 




£ 


TO 

3 

ca 


fa 


O 


ca 


3 


% 


1- 



TO 


TO 

3 





CD 

a, 


^ 


a 

rl 




O 
3 


£ 


£ 



^H 



3 


«5 


-0 


CD 


>, 


O 


CD 


ca 





3 


O CUD 



a 3 



-«3ca£ 

3. B '■« Tlfa 



3, 73 5fi <o cb co 
O 0,_CD gSj 

^T<-3 o. 



Q CD 



> & 



fa O 



-a: 



T3 s § 8 3 
o^ S,ft3 

a 3^ g t>c 

r<© 3 C 

srf H g© o.p 

a .a »°-8^ 
-* as * s* 
g & B.S o g; 

■g g fl" g^, 

§ fa o. fa 1= ,„ 

S, r*"^ -^ CO 1 



3 



CM 



1 >>>> 



CTO.O P-.-3 



r° ^ 3 c o 3 

pfa 3 O 3 C. .3 



j*1S CD 



CM 



O CD 



- a £ 9 i 

cd w<=>'S~ i 

,2 "3 r- ° - 

3'C Si" fl 

SgS' 8- 

^- aS^: a 
-fh >> b bo y < 

+j -U -rf CD 

"3 Si %£ 

a» *-•!? a) cd 
" o o += 
— - CD 'J3 '3 O 

3 >"£ £ > 
« g m o 



h 3 



o o 



8. s 3 >3 



CDjS. -M 



.-S-ti 



e-i ° T 1 3 "K CXD-M 

§.§Megs 



°C c° 
js _ 3 
+2 vV. 8 



3 a. -a 

S ft g 



« t>*3, 



« g g "§,£ Is a , 
-3 2-- : h ti +> 3 cd .s 
c 3 --< o >— • *4 -u 
3-fl «S ftoi m -g 
■2" a) <d g S -g •- 3 

.a.|-g 8 | g^gg 

3 £ a >, g .SP-o 

a co -3 cS -O ft s- CD 



• A. CD 

ft >> 



3 3 



£ £ 5 



cd a, 
^ e 

&E 

01 . 
co co 

C o 3J 

3" 1J *| 
3 a) 

o CO 



-S 3 



CDp^ ftM«^> § 3 
3 O iO • r* CD 3 Qj co 

E c 3-m « 3 g^ 

Sj'S n S CD O 3 

ft! ° _c JS * S -S 3 
,J3 -2 .-tt ft S -S ft 

-c-Sg o 2^3.2 g 

° "Slats sal 

C C ft 3 ft.-tn o -^ ft 

H >3 CO (-• S c! 

S B"3 3 CD 3-3 3 CD 
B.S-2/ftJs ? °S 



.2.SsBH^53o c 

ts 1-s 8 s^ 3 &«« a 1 

ggft^fto^Sft "8 
ft$ 3^, 2 <*> § b 2 

0"3.2 « 3 B S •" 3 
cj ft^ cj 3 .3 3 co 3 



55 



CO g 3 3. 8 

£ CO o o^ 
S! co <D , W 

ft co .^L o 
CD c? O 



-3 cu £ S^h 



•3-3 



3 P'S 
co fe !S 
O ft ,„ 



e=5 



o5 







ft-o 



■a -8 

5- 3^ 



r- 1 ■— ZZ CO W 

5 3 3.2 £ 

=3 2 §-1-3 

?! CD C? CJ 3 
5 JSCi CD ? 

t: SP_i co 



£ > 



A-3 



-3 S 



ca q 

CD ■** 

Q* CD 

h-h 

s- -Q 
3 

^ 3 

CO 

3- 



O 3 



S-S 



T3 ft ^ ,S 



5> u c^ £ 



as 

CO H 

0.3 

tt— ' 

2^ 

ftO 
co 

CDW 
-3_ 

CD ■ 
co 2 

CJ ft 



S3 
ft S 



o ft-S 
^w g 
_cm E 

3— "" 

O CD 

ft 8 



3-5 
3 



.O 3 



OS'S 

fe-"S CD 

-a 5^3 

- Cj CD 3 

3 as 



O CJ- 



2>-u e s 3 o o 

3 "»H _o CD R .3 «^h o 
>* S-'S S -m 3 3 m 

8 5? 3 » c-o^ 3 

>.y O.C cu S « © 

0"u 3 g^T35 

co co co ^h , , k^ 3 

B3 3ft||^ 

3 CD - rt _ CD C3 (h 
in 3 6-3CM ^ © 3 

SSoe3° 

© 3 CDXt g ^'-^ CD 

'« §£-3 S:3?-2 

S°|-3^^^* 
CD 3 3 3 o 3 3 
O. D.T3 3+5 .3 CB 



.s|i|| 

„ 3 In F ft 

*■ O ft CD 

r, *Q, CD'S 
T-l ft CO fe CD . 

2 3 C ^ Xi co 

3 S&h"^ S 

3-§s w 'H : § 

O ^ c3 bD-3 
ftn . ..: CD 3 



^^ co m- "J3 P- J3 
1- 2. 3 CD .3 



i £ — •- 
■d m 3-i 



CD O 



2 3 ^'C 
-3 C co ., !- CD ai 3 

"3cDCDnj.jj.BcD 

3 -rt -3 ft 3 „. cj 

ftCU 

o3-S °3 



O-S 3 



SW CO ? 



3 o 



3 -rj'H u, 3 



.2.-3 



\3+> - 
o ^ ^ 3 bo CD ca' 

.s j- a sS b 

COT3CD G -5o C S 

3 3 s>o 3 ° 3 2 

o 3 ft3 S co co 
^S 3 3c*h fD«^ 

^^ 3 u o ft 32 
3 3 p, j;, g ftja 

<g^3|^ft ft 

•S^ ft-f CO " CD 

ftjgftftS* 



ja cd ,. -a 

1? CD-S C 

ml: fljn u 

•J3 .3 O bD co 

•h«3 3 .2 

§S22.a 

cdPh cot3 3 

linn CD co g 

>>W m ftT3 
O 2 CD 

g.3-3^ 3 

3 -*a > o 

CD C 3 OrfH 

.3.25 ft3 



■Sis cd a ° 

CD^ >> 3 +J 

ffi * 9 g " 



! SS 



CO — ^ 

cs c ft m a 

5 M SjS 
."S CD -C Jh 



I-H--5 0) 



o 

CO'H' 

H CD fl O 

83 fe-e^ 



3 



3" 



5 o 



3^3 3 

-eia 3 Ih 
3 CD 

ft 



i°i 



LQ ,3 



-3-C 05 

S^g2 
73. 5? 3 



ssa.s 



In OT3 ft 

S3.S«S 



'43 & -- o-3 
3 cd-2-^ I 

° !D CD +J 

u -d| h s 

CO CD 43 +j f- 
~u ^3 'fl 3 CD 
CD ft 3 O ft 

O 3 cd +3 § 

3 co S S 

■ 3 til 



«4-- 



? 3- 



CIS ^ S 
H 3 ^j 



3 
2 3 3 

-a /=( , cd ft 

3 +J 3 
3 3 3 3 c 

HH CD 3 3 

2S-2 § 



W CD CD t 

« S g" _ .. 

3 * ft'gPLj (B.S.3 

2 co g ijO-3 3 3 

3 S 3 - 3 rn += CT 1 ^ 



b£ s 3c» 
«o3cf w 

B 

3 



030 

u« 3-rt O 



+J CD 

'3 co 2 

ess 



o ft'^, cp. 

S m ^ 2' 
3 9J CJ 3 



l-asli-s 8,8 

^Sr'S3^-SS§ 
S® ° 33 ftS 

g»o o * ft§333 

3OO cj C 3-y CD 

^ W §.2 3 gcg co 
fn co&o--y^3-S ° 3 
„ S ^'kifta 

®-2dScD-P 



ScS S B 

g^|33 

.^ CD "*^ ft CD 
^>S 3 3 u co 

S§8| 



3 3 

.-, CD 3 

:-<*- cdX I- 5 o' 
Ti O co -w +J B .^ 



CO ft 

feg 

u CJ CD 
■BiO-o 0_CD 

23 ® o a 1 ® 

32a w »i 

to ft«j- 2g 8 

co O 3 5 ^ 
H>S.3 3 co to 

C/J (H qi m -i-t 



cu-S 



,5 S 



« 



®"S 

to ra 
CO ft 

3c 

■3 ° ■ 

fc CO 00 

If? 

« g s 

ft o 

0) (H 4) 

,3 cu cu 

cd 



'd ™ 

B & 

S b 

ft » 

5 « 3 

* as 

cS ft.9- 

IS d).J 

O*^ CO 

§-G ft 

I 3 » 

g*o 

■2 ^^ 
■S a> « 

^T> ft 

p a ft 

x a) ° 

*2S 



K 



a CD 3. 
«.d 



CO IB fl COj^ (DW^.JL^-e JL M J, >■ 

Sr m o! s ocs«a>a) +J ii>c-S 
ft £ co a> >h 02,3 3 -^ 

_, CO ■ 
cu H3 

S ca bp-^ S^sr-g §.£ ^«.2 § 
'■d cu ™ ^"5 "C D0 

toO>tiO" '-. ^ "C O ,- _ -^ CO - rt 



ISsa-JBSja-s? 

! o a 03 cS 5 " 

„ co 'So-" _ , 
cu ft cu^ cu ■ 



ft°5 



03 u CO 
-d'ft^ 

s 51 c 

S co 

socs 
_" -M h 

cnS ^ 
o 'd cu 

ft CD-d 
' 15 



ft°5 

^-d-d 

2«i« 

cO o 
X co 



£J2 



J3 ft 
H o 

'. 3 

§ ft 

° ftft 

a » <u 

P'd'd 

>< cd 2, 



*4-r«S 



SJ3 



;t3 3 



"d cu £ 
, 5* r* H 



A CO .! ■ x'ta 
3 T3 -m 3 o> o 

miss* 

'd to 3 Sh 

S"P- 3 5M 



» d.S^ 



CO JD 



H cu ,3.3 -^ -d <P, c« 



i -a; 



ca 



ja-S fe d cu o 
o w ^ 

_. +j -rt CO ft 
2^5 co -^ jH d 
3 hi cu « t3 d 



§ s s 



SSP-S S 53 c3 

PCS o H 

2 3 CS f» S 



CO C3 CU p*^ ^5 

^ S.S » 3 "S _5cu 

S- a Hftd«°sl go«S ^^S cujS 






5 5-9 9 48 § 

c§ B8 » c 

2 o S S o c 



"Qg 



2 d 
d cB 



.3 8*8' 






ca . 



j a 6 a 

B 2 _ 2 
^3 




a ca -w • ^ >h 

§ ?Go« 

O CU O _-«4-i 

CD 0^_ CX3 

> CO o O^ _^ 

| d cu °hT) 

2 o-d ■ 



as d 



gooo 



-rt 'N O ft e 

s ss ^"^ 

ft J-^ t tt ?-; 

1^1^ 8 § 

^ o « CO ^ 

g S <5 i os 
o o_ oVS CD 

CD ^ CO fl 

CD ^ to -u *^ 

T3 d O 



>3 -V cu o>z 
<! cu — S'43 1 ^ 

^ g o d ca . . 

So fc.S 2t-t- 

O o >>^3 d CX3 00 

d 2 to 9JC35C35 

.3 ft.S ft^-ii-i 



j3 O co cu -*j> 



d^ >H to B 
CO cu 



CO 3 jO.co 



5ta y 



3 



ga.§ 



"S 2-S ® * 

3 > ft rj 

ftSS-^ 

"^ CD =<-i 'is 
| cq O ^5- cd 

d g3 c 

- CO coo 

••e ^> 3 -S 'S ft 

0,3^ CO 2 o 
c?cO-£ "43^ 

- 2 . S g >. p, 

T3 CO CU 

^•. d t. CUT3 

Wts e d a 



23 o 

CO co 



.A 13 i .A PL, 2 

2 2° uqj: 

•43 d cu -J3 >< -^ 

^H d >H r 1 CD 

ftS d a o 
m =3.2 S « 
01 m .S co-dxs 



^^o 



s-'d 



x d 



£.2 gg 
« ftftW 

d « | S 3 .& „5 « * ." 
cu ,„ CO ™ 

. fu to 

P-i d a .2 
O 5 3 3 



S 1 ^ O CU CD 

■1,1- CO O CD 

^'-B to -3 

sto u 3 C 

J 9 cu gED 
.2-d o 



^5-rt gfo ^-d 

bo cO j, CO "d xj 
^3 ft"E 3 _ 

cu co ^ o co 

S2B-2^ C 5 



a .3 S 3 cO' o 

2 cu " o c 3 

d rt ra Soo 

X) co t, co J 01 " 



& 



.2 o> 
.2 g 

ca * 

ti ca 
8 ft 

£ w 
ftt£ 

CD^o 
Oh «0 



cd 

CD E 
W CD 

cd o 

is *> 
ftp 

2 *- 
-C cd 

jo ca 

03 a) 

S<«i 



0) 

•*P „Q 

a> S 

CO CD 

o 

h dj 
ftQ 



CDTJ 

ft ca 
cd c 



£00 



la 



CD t— I 



01 CO 

ft tip 

,2 a 

P5_CD 



3S 



s .2 2 »°&h 2.2-2 ca-M 
T3*jt3 ^Oo)5s-- g £ 

-h y CDOro-^'TjC'rt'-CD 

S « 3 § &* & 8 *£■§« 

g.S °v d^j.2 ra^ w «-S 
m > >° o, w ca a co g S -5 15 



u C OH 
cd-Scdoo 

2t3&H 6 
■ <2w 8 



&"3 



ft 
ft 



Si5£ 



a 








> 




ca 






T> 


X 


s 


rrt 


0) 


-M 


T3 






tu > 


c 


-o 


+J 





3^3 



g.2 2 a> 

? cop3 *d 

IhibO ca 
ft <DCQ O 

a, feW 
C fl bo ,o 

8 >5h 



■9fd 

™ g OTS tH . 

S3§)2 <■» >^ 
ftg g ^|h 

-OS »° C 2 C ° 

_ aj bpH g (S 
la'O e .& o 

co 'r* H +> CD 

oo^g caQ 
2-gS g ftS 

■P4J » S-H 

Y 2 a ca g s 

' 3 CD ti O O 



•rH I) 

ftfe 

■a. I 

CD >> 
J> CO 

2 § 

3T3 
O CD 

5 o 

> CD 

ffl M 
g£io 
ft 00 

o »oi 

ft'+S ~ 

£*« ^ j 

t- 1 CD CD 

sga 

■ ° CD 
CO o 



g|£! 3 • 

Il w 8^.2 
2£ « -,-S 
■** > >»"~cd 'ca *5 

p2 52 T3 S CD 2 

ft_cu J CD <u t; 
6: §ll«^ft 

<D > >> O *^ ft 

5 ^ ft-3 5 ■* 

3 ca ^tj 5 a 
«m o g is <u 
o +j ca ft u 



' CO ID -^3 01 CD 
H rn m --. t-< (_. 



ca'co 

t, s c cd ^ ca 

Sp2 § M ft Q 

a-S|.g&? 

o a) o> 2 H *» 

rt bD CB Cm CD P- 1 

S fl g o bP-a . 
S^cu'g ^ ft'-5 

.5 4) C p_CD ft"^ 

1& 2 S3 s 3 

§ ca MO -S ca ■ 
•° cS 10 co-C S3 

Sgli-2-lft 
ao.a o o m 



6 SiJ d^! 4 
£ ca-g S3 ca ^ 

J3 S3a g crca 
«2 « CD w _, 

CD -, H d 

5 «fc 3-1 

.2 c.> a> 53 
b* ca « k ft 



ca 



a 



, o ft ca ^ 

S'tS <l) fi 55 o a 
.g o x > ft ca -ip 

d e^ 3 ? CD ft g 

J? g,2 i-C £ a 

^^-ip^J^ CD 

3'd ca fe"caT3 2 
as 2^,2-3 



o >> 



ec3ss*g|g. 

caQ ^n"^-^ - 

•2 W gH S|-|5 

•h fi j ^^ 3 ca cd 
gcaftdcou^-ip 

S^gaYSft^ 
(h -yo "^ cd en 0c ts 

CD C CD >^p_, ° 

>>^g^^|'8-a 

gl^lftSl^^^ 

" -S 2 g-S i?P >. 
-o ca15x) g^ 3 a "- 1 a ca 

2rnP cu^^a3 ft 

lljjag *S°Z 

3, 35^>^fc,32a3 
jm o> .gittj i a "** '3 

% ia ft^4SW*.ti.2 



••c 



i) 



Ci 5 



C as as 
'ill 



S,«k. 


, 







© 


e 




V. 


B 


%> 








„3> 




u 


C3 




<s 


05 

















E 


•2 1 .® 












s- 




w 


■a 






•S 


It! 

•e 




« 








I. 


*j 


-si 






"<3 






H 


B? 


-u 


5« 



«> a. 



K 5 



&l as a, 



c be d 

« s 



■»4i 

'« s 
Is 

eg a 

S 






=s s 



ffij= 



a! 52 . 
CO 3 cd 

I +3 ca 
is ce 3 

■h o -^ 
^ S ft 



co CD 3 
CD o ••* 

^ id cd 

S— " " 
rS a) 

-QC-. 




* E >-~ 

04 * ."3 

Q J« •;_• ft-Q 

SO) 3o« 
to a* >h S 

3 a> a, o 



ttl OS -« ^ • - 



o « S 



E ° 

S-a g 



.3 +? ra^3f1.-^T3 oC. 






ro 3 


ID jj 


a> o 


^ 


as fi 


co -^ 






1 -H 


ft 


1 * 


a> a; 




-Sam 
), exc 
rcent 


« *» 


1 +3 ID 


5 9 










aSg 


PJ5 




r §*cfl 

td en 
^ o 


Struc 
ental 
ced to 


"75 ft 
-3 o 


£ 5.2 

"vT. <D "3 



2-3 * 

J3 ID 



c«T3 



c-S- 



8 "MI 

93 C8 Jh K.H 

a> to -tj i» .rt 

J ID_ £ OT3 



sis 






** -i C3 -u c3 ^ o 

ft m ^ m ^ 3 g 

.P e o 



o cS 



2 .S 



T3 - tj_T3 

03 £ S ° °-~ S ID 

j? ID <D -i-j h Sh +3 o .-5 

*S »r! ft.-e °B ft.3 J3 



ca 



Oh 



S..S a <D,*3-a 
8* 5 fto£ 
" c h o.Sf 



be 



+* ho cot 



ID 



ray 



o ttfflj fi ji ii J 
^cara+3cS>T3i3 



o o c 

Jh ra c 

ca;r * 



ID ft.O ' 

a Era g E ft 



cy 



cd 



-3 Sea 



ca » s 






id -Coo 
ra^j os 



C 
id 
0) ra_g 



,So 



u c s 



"O (D ID 

•2 §fi 



S 6^ 



S ca 



■i2 w id.S^-^ 

■"• — CD « ._ 

e J3-r ra <d ™ 

;-^ o > CD -w 3 



M 



a xg 

s <D 5 o a 
■3,» j* g-S 



K), 



co 5 






^ S «>.g5 a 


~t3 co 

ca CD 


■^ g^-S-S 


> CO 


^^2 «-S 

Q~ 3 J2 "" 

§ <» 2-S 3 


C CD 

So 


alif 
) w 
ear 
ime 


O 3 


3 ."3 K >- 
^ 3h^3 CD CD 
JJ CTT3 ^ X 




t« S O x 


O 3 


O O -S ID 


ST3 



3 



"ft 3 g M ^ra3 X 

3 5.2.5.5 3 cd 
2 6-SH g S S s 

°ftB|„sg: c 

t5g858>»rt- 



J.-§"S 



c S' 



t3 ca 



<U 3 C-S CD O 3 
o. rt CD fl CO-rt H 



CD CD 
rS CO 
CD CD 



!js-2- 



>1 ° 



£i-a 



. - ft o 
H C^ CD CD 

S ^ 4J -5 " ft o 

co,2 ca 
CfB ^ . 
ca 1 " co— - g. OH cd-S^s 

a° d,«j >> -ocao 

t3 H J '-C0^CD ■ "— ' 

X ca ft ih ^ -fh jr 

ca a, x ca 5c2 g- S 2 <v, 

< w rt ^ « 3 „ o) j<h " s 
^5'^ca^^ft -ffiS 



^1 
iSft 



^ CD^n 

I &s 

'. Oh 
^J CO CJ 

« ^ a? 



-3 *■* co >> CD 

Sca-Q CD c3 h 

.,_ 3 ca 3 ft 3 

ca cy J"; 'to 53 ."B 



cd cd£ ° °fi-2 

ca X to M 3 !h ca 
ft CD <d 3 3 ca x 

y j- ft •>, 2 co =° 
3 -o 3 c? S S ^ 

S b ca s- cd 



,T3 ca 
! 3 o 



CD "O fc. 

bB cd J3 



i3*3 CD 
E fD £ 

ta * u 
■e-3 



x^^l^-s 

ca-c cd « 5.-0 
° fc 2 >>S 

^23 cog£- S S^ 
^^• S $ a -o « 5»£ 

j5^ LO,CDcp>^j- 

+30 CMia^OCD.3 



a 3 



Vh ^ CD 

3<cn „ 

°-S5 

CDIJ3 +j 

Amu 

HT3.fD 

i.sf- 

g.a co 

£ 3 3 
S CD - 

Q ft" 

cu o a 

SP -a .3 

-"V ca — 



X! O 3 3 

+3 cd ca 

CO -M 
CD CD X >. 

2 2 *-« 

'ffi CD CD - >> 

o co *■ ca -£ 

T3^3« S 

cd ca c , , 

-""3 -3 o ca 



_ c .coca c * H 2j : r9<_ 

co CD ft h ™ O 
CO -3 CD 



3 CD 

O tn 



3 S.Q-cd'O 
cT O ^ CD 



""2 p.b 

n 3 ^ ca 



.-a s 



CD^ — I 



«aih: 



o o o 

m b t- k 
ca a cd 

M CD CD o c 
OJ3 in ,3 

•fi 3 _ . cB cd 

y-s?ft r > 



S o 



2 c t 

3t3 O 



_ hog 

S-St3^ M 

8 ft c to^ 
p ca ca 3 ° 

ZJ CD CO H o 

Z!. £ cd-B io 



5 r> 3 S H co ra 
•13 -w ^-° CD 



3.3=2.2 e 
2 co to • r- 

mi 



ca 3 



K g fl I 

».g§l 



a= 



.2 '-' 
■.a cd 

t» Lo 



!<NT 



CD 



-H. B & » 

"a 5P 9/3 

cu -3 3 

~ co 3-a g 
S £ 2 5 c3 



.» CD G jh 

i g -■? £S 2 g 

<w c8 4> X o fi a 

1 o ".a ca ° 5 SR 
n 4J c3 cd 



3t3" ft 

O (S CD (l, 



^■3 3 



CO CD 



E-P 



S£ 



ca 
3 £< 



O W *H 

OCC CD 



"^ -2 s g, a 

i> »- ft. J3 13 
ca o 6013 -g 
ft ft I* g 
X h bo C3.2 

SO C IBU 



coS 
CD-O 
- 4) 
S s- 

so 

•a 
e x 

O.H 

w 13 

c^ CD 
•2 CD 
OS CD 

p .£ 

be* S 
.£ 3 S 

X CD ft 

c S x 
S.S w 

H s 



T3c3 



ante 

bo a> b _, jj 
ca £3 S •». « 

SO" C _»~> CD 

.Si 92 3 -8 -■§ "So 

ts c.3. cs cd 

^ ■ h -* * 
6q§ = § <d~°° 

u««ioSh 



kO &CD 

S „ o 

-w ca o 

0> CO m 

UflO) 
X >- g 



g.s-g 

S 0-° 



«: 

^ 







2 °-S 


3 




3 a 
Si, -o *■ 


c 
cs 


■ft 


CD CO 


V 


cu a cd 


XJ 


He- 2* 


CO 


1 ^- a 


CS 




CD 


eg^ 


>> 


OTJo 




■JJ.llO 




M H 


-Q 



3-Oo.t> 


-s 




cu • 
a 10 


tjfiSO 


(e) Cre 
mitatio 
x liabi 
search 


^B 



CD 


s 


ca 




rrt 




U 




c 


01 

n 


o> 



tin 


c 

3 


o> 


O 



t2 * 



00 



CD 



C co 
O g 



C .. w c 
•naiO-7 
3 &--J3 '• 



OJ .rt co 

00 fi jj 



5 f- CD ~ H 

ca^ g-a&b 
_ o o c 

cs cs a 3 



CQ o g 



c.S 



'Sb'd u 

-3 h y2 
cd ca • -h 

3 I 

o 

bo CD ,, 
0> — ' "S 

jj S Oh 
Ij h S 

°^3 • 
CD cS X . 

EH cd x § 
p- ca.2 



■a-s 






d Sp-3 oP -g gii 

co"^ co w O E m 

(S §US a s-s-s 1 

si a tola's 

o o"^ ca^js a c° 
75 &2gHlrt uC S o5 

^-S^-ci-S^SJcDS 

CD.CSCO cs g -^ cs 

^^ cs h ^>- 

+3 i-a 



^5 



o=S cs 

£,."£ CD 
!- 'c3io 

I "^^ . 

e S $S 

•25 "§ 

1-2 1^" 

■^ CD co S 
aj-is- D o 



CU ._ ^ CD 



.■*: ° x 

j'Q csiS 
- P oi 



ca-S.g 

a 3 ■» 

.2 oj s 
la' 13 cl 

^ Bti 
o.t3 3 

is c 
2 ca 

is* o S, 

5^ >>' 

"73 C CD 

■2 2 S 

C3 cS O 
CD13 S 

111 



o cs 

rtS o 
£0 



§0 

DC >. 

■3 ft 

CD 

caj3 

S.g 

cs 

CD 0> 



0>o ^I^aoCSca^cD 

jS ^ l £ 10 a ° d ; 
S-e co >>o>=is o) +3,>> r 9' 
-Tl^ia^ &bo-ca U 



Q CO CS -^-m 

53 CD . . 



fgca&cDCS^CDS O*'* 

. X ei3 a2t3 ^Soi 



>-. ca S 



' CD o> 

g.S-11 -s'Sd 

»u.SoB H «Ko 



"rt O) CO Ah 

SrS CD O 

§ 3 ® 3 i3 

S ^ o ca ca 



PS 



,3 ^ 
"iac2 



S 1 ^ 8 
a cs 

O CD 5 

r3 cd 

-M Ih co 



x S ""-s- 5 

i" 0.22 " OJ' 
"i) ca p- 
w cd _, 3™ o) hi' 
. 3 u co-C -rH co 3 
OoO>" d) T3CDO' 

? 3 ""- [3 8 « "- » 
'3 ftlD u co Ch3 P 



e 3 

■II 

cs a 

1! 








be 






« 


0) 









© 




* 


< 


O 



1 L 

4h CD 
"^ ft 

j- .2P 

U£ 

o 5 

CDT3 

m 

42 <d g 

UK'S 

m cd oj 

3jjft 

CO r-J 

<B g M 

a, -5.0 

nj o o 
CO :£43 

3 si 

x o 

CD !B 



u « <u o a, 

<D ,g ^ 03 o 

o o a S3 g 

5 0,-3 ^"O 

■J » .£«<*- 
+3 .2 -5^3 o 

,S a) tn co 

5f_i (-J n\ CO CO 

t3 oS o s 

a> 2 S'-S'io 
£.42 



S ft2 
A p43: 



M 3.3 

-d ft 

35 



°2 3 fi' 



h ,h u> 
,45 an *h 



<d R 



>> 



Sh o ' 



£&g§*g 

O o53.i3 



"g'ffl, 






3-3 c 

« t-i 0» ro 

O 1) i<( 

x ft _£ 
3 



CD <« bo 



03 i* 
042 



CD 



CD 



cd o 



' O E 13 >h 



a.£>3 ft 
E^0 



£s ra S.0 S3 



a .2 

■^h ."3 c C3 -rt CD <D 



6« 



0.0 



g O CO CD 



CD 






O CD 

§"8 



CD43430-3JCOCD be 

+-- 03 S- .2 3 b0 5 '3 

u cj O 3 42 C 

£a> 8*8 S-g.2-g .9 

p. &s 8 *£&*,; £ 

■■s's.&S a 2.sJ| • 



L>=P. 



cd:£43_£ 



X S 0<« c 

■ o ."£ cd s 3 cd os 
SRcd."Ocd2 , 2 

«! 8 &fe Sc bo0 g 

H X =>,3 DfiOj 



^5 



COT3T3-5 ftp tt H,5 

^ cd4h _, C bc» 

CD O -kJ OS O S3 

O S3 C S ^-2-043 



cu o 3 M 



O - »h fl 



S CO 



3.2 £ 8^5 



o (3 

U O 93 ^.2 o 



S3 cu' 



^-^^ S3 g,4<s g-o c 
2 § § oB-f £ 

S ^2 £ « g C43 
Sg-9 8 9,43- *.a 

^ 0.12 a) fe <u 
Oh ~ 5 a S 'a sC o <u 

1»4-Ci3 fl -s -a O O 

^ofiSfiCfflflucj 

0) 043 O 0> 43 0> (3 (3 

•-5 o co o u -u o.K.S 



t»>5 co 



c?o25 
,3 » 3.+i 

2 ^ M ^ 
C S & 

■ rs O ^ 



043 



co CD 
3 C 
42 <D 



03 CC ^ ''^ '-4J 

m bO CD tn -g 
S £ fc ° 3 

g ,r o u 0) 

a | * 

>. O co (3 rj 

?U' H O.S 
5 duOiH 
JJ.3 1% BJ 

Ph CD CD CD 



c ° 



bo 



O ID 



CD • 



O 4-1 fH O O 

ai H b. u 



M 



ca 



-So- 1 

ft -xo- £ 

CM*** -w ^ CD 

n . CD CD O E ,2 

9i cd -p C IS 

43 co cd » 5 -S 

^ o S »h c 

4H .Sh Q. 03 CD 5D 



4H s 



bo 



043 0J g 

•-!— 2^3 -g 

P L 43-W 



* fl 4H 



1*42 



Oh a m 
_,'- L| 3 co 
3 -t 0) 



!2 » 



T3 63b g" 

£H "* 

co ^43 § ° 
I g ►« S3 

-9 ^ g'l 



Sjh ™.S fa 3 

3SJ°3S'3 

.3 rl ., r W 4J 

H> C 2 4H CD 

r . co cd 3 o 

s_. w ir __ m 



n v to a 

'^l^gl 

^ 3 



"I 



^43 



CD 



c 3 x.2 § g 1 



* 2. 

a* 

T3 CS 



O Q, 

tt .2<o 

CD ""oO 



^ cfl CD 
■-2 g cd 

.8 ffiP 



cd 
u 

ftOO 
CD^ 1 

ft>> 

O u 
Oh 3 

'. co 

a h 
"O ® 

« o 



M 



cD .3 ^ 

C0^3 2 

ojog 

£ 3 3 

00 El <h 

3Q m™ 



* ft-" S 



OT3 

+J CD 

a> 3 

;3 cr 
ft o 

Oh CO 

CO 

c£> 

O h 



a> 



'5 Q> 

8 p *- e 

rt in Oti 

S\2 «<» 

ft+o CO 

*"£ >,3 

S^&J . 
_8-2t3*1s 

t5«.3.!5 ^ 

to js a> +j 



J|5g 

a q 



e fa * 

03 

. CD 0) 

o co -w-s 

- * 5 

£ — CD'S 
cdt3 -S o 
cd CD ■ — ' .^ 

>- 2 * "S 
a) eg «. 

o -S ^H 

H »•" J) 

■£-" CO § 

i"i3» >> 
P* eSS^ 

U i-H o 



Ph 3 
I c 



a? 



a; £ 
H co 



3 « 

03 q. 

|s 

S* ft 
o 

ft-SlO 

.S.S2 

E-'-S - 
I -"co 

^^5 CD 

■Si- 

§ CO § 

■•e ■ S 

So b 



§ 



-u CO 



E-i ft 



> CO 00 > w- 



ft" 

CD TJ 



> E "^ ^cc 

c J- flh 5 o « 

C jj-_>i >iT3 ;C CU 
cocjS c8<u-uT?ft^ 
ftT? ft-r 1 



>>2-C C3 i C w S 
tn_e-H xd 8 <U !rt 



"S 9> '> 






e-> 



If- 



0)43 

:^h 



ai a> 



S 2 £ 

<U ifi m 

bom S 

ccj *r1 -fh 

fl > > 
cd +3 -rt 
2 o 



«E 



■S ° p c 



to rj.S •«• 



J^+3 T3 -u 

£ 3 ftS^s « 



fo §*« ^ 



to P^ftjg 



; cd S a "-^ 
1 Q-Q « 



„ CD CD 



3 A 



C 

CO .£ cd 
i- co c 

ft CD to 

O .Q 

13 S .s 

_e 5 -" 
■*< ft o 

— CO 



CL CO 



3-^ s^«?_. 



CD ^ 



CO 

.2 CO - 

3-2 M 

s ^^ 
o^2 



co j; 5 C S 

2co^Cco.ScoSci 



>>"3 

* <U.S _ 



^o 



3 CD t- ft 

_ _ ftE" 1 U 
CO CD P X 



S^ ft o S 

2 .-in- T-.2 2 CO -"^3 

P"S^3<^ to S S <s 
-C CD S" 



■o-o 

p co g 



« 6 g-STSJS 
3o.2 



«5 CO 



3 
to-Q 



CO 



CD o 

CO ■- 

to CD CO 

CD {hJ3 

ti ^ o 

3 3 1- 



C O^ 



Z™ S-B fe oc'co ft c^ 

-*3 ° o o E cStit* 

sBm cosS>2^c3« ; 3« 
T3fl t oSl3^ ca 3[B£.-ti£ 

2^§ s Z .-a f .-s « S B^ > 

43 ftji; ofl ud) u« C.+J 



^ cd ? SJg c ^ 

« ® g o g if-S 

■8a|| gl|| 

8 JS's S"S 3.9 c 

CD +^ cfi^^ © "»T3 

12— h 2 3 ceo co 

o fl ft S <1> 3 ^ 
«t-.g ft^ „ — 



h-gjB. 



c . —3 t H > 

5 co o ? 

j «3T3^ 2 

-"S s § « § 

-Scoco^?.3<DC0 
.2=3=3 E3 °tfe 

?p?c03^ftc0 



"O cu -C 

S s s 

x^ . 

* S "« 

pa 



"3 

GO 

o 

ft 
o 

s- 

P. 

00 

"c 

CO 

S 

'3 
o 


Same as House bill. 

Effective date. — Property placed in serv- 
ice on or after January 1, 1987. 


Credits described below would be avail- 
able to buildings placed in service before 
January 1, 1994, if: 

(a) rehabilitation completed pursu- 
ant to a written contract that was 
binding on March 1, 1986, or 

(b) the building is acquired (or sub- 
ject to a binding contract to be ac- 
quired) and either Part 1 or 2 of the 
Historic Preservation Certification Ap- 
plication has been submitted to the In- 
terior department or its designate, or 
the lesser of $1 million or 5 percent of 
rehabilitation's cost was incurred or 
required to be incurred pursuant to a 
binding contract entered into as of 
March 1, 1986, or the rehabilitation 
was completed pursuant to a written 
contract that was binding as of March 
1, 1986. 

If a rehabilitation qualifies under (a) or 
(b), present law depreciation rules continue 
to apply (except full basis adjustment re- 
quired for historic structures) and the cred- 
its are reduced from 15 percent to 10 per- 
cent, from 20 percent to 13 percent, or 
from 25 percent to 20 percent. 


01 

% 
3 
O 


Reduce credit to 20 percent, require a 
full-basis adjustment, and delete the exter- 
nal-walls tests. 

Effective date. — Property placed in serv- 
ice on or after January 1, 1986. 


Credits would be available to buildings 
placed in service before January 1, 1994, if: 

(a) rehabilitation completed pursu- 
ant to a written contract that was 
binding on September 25, 1985, or 

(b) the building is acquired (or sub- 
ject to a binding contract to be ac- 
quired) and either Part 1 or 2 of the 
Historic Preservation Certification Ap- 
plication has been submitted to the In- 
terior Department or its designate, or 
the lesser of $1 million or 5 percent of 
rehabilitation's cost was incurred or 
required to be incurred pursuant to a 
binding contract entered into as of No- 
vember 22, 1985, or the rehabilitation 
was completed pursuant to a written 
contract that was binding before No- 
vember 23, 1985. 

If a rehabilitation qualifies under (a) or 
(b), present law depreciation rules continue 
to apply (except full basis adjustment re- 
quired for historic structures) and the cred- 
its are reduced from 15 percent to 10 per- 
cent, from 20 percent to 13 percent, or 
from 25 percent to 20 percent. 

Special transitional rules are provided 
for five projects. 


"3 

so 

O 
ft 
O 
u 
O, 
go 

C 
cu 

!2 
'» 
cu 

s. 

0. 


The credit for rehabilitations of certified 
historic structures would be repealed. 

Effective date. — January 1, 1986. 


Credits would be allowed with respect to 
pre-effective date expenditures if pre-effec- 
tive date expenditures plus post-effective 
date expenditures qualify under test of a 
substantial rehabilitation. 


•s 

CO 

J 

c 

01 
CO 

01 

S- 

CU 


The credit is 25 percent for certified his- 
toric structures. If the 25-percent credit is 
allowed, depreciable basis is reduced by 50 
percent of the amount of credit earned. 
The credit is available only if the taxpayer 
elects to use the straight-line method of 
cost recovery with respect to rehabilitation 
expenditures. 

The external-walls test of a substantial 
rehabilitation applies (as described above). 


_o 

'to 

'> 
o 
u 
ft 
o 
2 


£ 

01 


B. Tax Credit for Rehabilitation Ex- 
penditures — Cont. 
2. Certified historic structures 


CO 

o> 

"3 

u 

c 
e 

'to 
S 
CO 
s. 

H 





n 




% 


J3 






S-. 


is 















c 


-p> 


-Q 


"0 13 
u a> 


oi 


o 


o 


O 


o 
cd 


<l) 


fl 




CI) 










C 








lj 


Up 


a; 


> 
a) 


c 




fc 


3 


ft o 




X 

a; 


E 


"tfl 


B 
o 







f() 






> 
o 


en 


s 

o 



a *g 
.2®o 

Sy t30 
^ H 2 

IS ai 

o 

J30 _. 

£§l 

ft© 

8 as- £ 
S s 

K ftfi'S 
03 ® 5 

s- ft— 



t3 cs a) Jj . 

"^ S PL'S § 

a >p Be 
.2 a a) o, « 

£ >>* °<8 

o ft > 0) * 

fiftOM. 
O O 

03*0 ai 
-d-d £ <» c 

«j ^12 s «■> 

a S <d « h 

^3 a ft.-e s 

cu a> c 3 
o 03 3 -*h 



O 



B X 

° S 



as-. 5 ."dec 



£ fl Bl » 
t" 1 (ii w (rt 



a 3 



.2°°-K go 
ca i—i a ^ $ 

2 Sh 02^ O-g 

o«>i S d 
-~ a, o-Q 03— ■ 



Is 

3pO 
CO 

Sp o] 

3 ol h 

ft £ o 



13 J 

b u a 



(11 w ^T«- w 



bq hB-^3 o -3 oo 



1 8/o.S-S -T3 a 
2 2c3~3. 



^3 ^ r^ 



2-G 
ft-P 1 

h2 


p3 
-pi 






3 






T) 


o 


0) 


m 


CD 


is 




CD 




bX) 
C 


-a 


3 

CD 



£,a * 



.2 £ 



m S-" 
£22 

V 

o S-T3 



a; ai 

o 
T3 G 

^ ° 

^-,13 

S'S ■ 



o 03 S to^ 



3 ^ 



oo 



E T ; 2- 



■" ft c 



« a) 



tt) ^ Sh 

a o m 
,<o. 5 



"-3 B » c< -B ^3 

SSft^ 2.1 



S a) C k . ,_ „ 

o g.-9 SP-°- - 



B *-• 
ca « 3 o 

,w>B 






•h d a) q 



^3 53 n hd a><» 






5 S'5 3 0) 0) O^j 



>"-2l3 £^g-a-S°- 



a 1 *- 



r, ft 

a* -U _2 r^ "■ 

>h m. a w bo a «i 
* a a S'o 

g ' ' Ol W ^ ^) ^J 



x +j 5?.S 

03 d « - 



cSTf.-S 

a oi3 

to 0) c8 

is ft 

cS^tS o : - r. : 

ftB 2=Z 2 2^ M0 
B 2 S.So^*^ £ 



' <d "d 
-a 3 a 

.^ H m w 



^ i-H a i A 

=2 Jo .2 S a 

cu a> cc s_ <ja 

u (- s m 
o ® oj^-q 

pQ h 

^^ 532a 
«_ ^ 8 » 

a. oj.s a 
.52 § 0r a " 
_ a c a to 

.2 CO -IP ^ . 

-"p 0) ft CS '-^ 

O Si m tot- 

03 3 O In <U00 

13 .-a X°i!2 
"3 A --3 

pa 03 CO CB^ 
H ftoo ho B >> 

X C5 03 3J Sh 
03 i— IpO ft CB 



03 C3 

<M .a 

OS 



S C B 



M ■« 



ca <u 

a „££ 

03 C9 d o 

1 ^-- B 

S i'O"? 

o 

-J 



« 8.3 3,3 ° c 

J^tCgiS 
^W~ g2'fi 

0/-3 g-3 $ <■> 3 
Eg ^.gg »b£ 

SS«a.s ft «S § 

X 8 "8 C bn 2 _j 

t4_, '-m '-C 'S O CD -2 
O o M o 2 -2 £ ^3 

-S ° o 3 2 2 §■£ 
g.SS§8 2|J 

3 bO .. CD I* co 
cS 3 3 g cS cO o 

to o .2 -e *» 73 X) oj 

2 * 8 d o\3 § 
c o5 cs o>*3 ft 



cs -ara 




■> 3 



cs 2 
eg 



&.2 



to 

O) 3 

X! O 

XI 

fi 3 cs 
§ 81. 



a 



0) 3 



^^8 

l^gfi 

O -M .CS "g 

lip 

■ cs y -" 

3 H S bo 



fi CD 

-2^ 



ftnn 



1 CD 
T3 O 



1 OT3 
,K CD 

9 6 



C <u 



i CD r< 
) ■** 
O ft 03 C 

J u o 

ft °"0 „, 
o CD 

yx! 



IT? Q 



O ft CD M 

fe 3 j jj 
ft o-o „. 



CM 



CD 

M a 

cS St 



CM 



CD 43 



S CD O 



co co c 
CS a - a 

,2 3 CD 
3 co 



box! 
.S 5= 



2 °° S 



»< C fe £ » 
fi .5 > S S 

uS ? C o 

22 a 



j£ a> 



be cd -— < 

S«3 & 

a '3 & 

O 3 co 

5= C 
*-J CD CD ■ 

-gfig-S 

fl ., 0) C 

8ii-fi i 

+J 3X 
TH O CD CS 



?3 <u 2 
3 3° 



ago „J3 o 



-a S > 5P 



c fi > 



£1, M O £3 

-So jH-a'S^ 

m v -' to m ^ 



fi S 1 ^ CD 0) 

3 g g CD S3 S> 
O 3 S X) ft.S 

<U S CD ^S - 3 

8^| ^ m 



T3X3 .-g 

CD ■*> iS 

-£ CD ^2 

CD CD -C 

ft;3 *- 



.5 I 



„ ^ o fi S3 
-^ > bB43"co 2 

>,°.S »3E 

!hT3 C g CO 

a> <U;3 § E a; 

> "S o S * cj 

.2 cd S CD 3 

OTH.fi >, cs 



CD.SP 

b cs 



J=.fi 



c S. 



cS<o cs 
5 fi 

-2 3_co 



-m 



a - bC3 

2 w -2 fl.-te 

e g 5'2-g^ 



5 -3 h 



ft CD 


6 


X! 






X 




CD 


LJ 


XT3 






H 


o 



bflCS U) 
fi bo.S 

'to g C 
3'fflX) 
O 3 O 
rj 3 

"^ C0T3 
0) fa -LJ 

s 8fi 
8^8 

■?"§. 

5 «c<i 

h .OH 
C>0 _ 

T3 -y *3 

3.2 C 

73 o_cd 
fi 8 "3 

ft S 

S co" 4J '3 

a -S « ® . 

■S T3-Q-T1 CD 

g 32^fi 

<S lei 



h2 a 

. 3 CS 
T3 O 
CD Sj CD 

cu bo-*-" 

ft S-fi 



e 


3 


E « 3 
°"fi12 
*-. 2 







a 


$ 




a 




or low-i 
. in ace 
ation sc 


3 




I| 




.2 



Eh >h > ft 



■3 CD 

•>3 



ft'3 



3.2 



o o 



1 -M «+H 1 

SjH jj 073 



12 h « S «J 
•> a-fi °^ 

3 5_ U CD . ^ 



" fi-£~ " CD " ;>, 

2j= m.2 cd fi fa 73 
- J 3"^ ° 

CS -M _, o 

g fi.S o 



CJ CO 3 

fi 55 12 



«K. C 



6 S fif^ fc fi 

t3 j^lo cS 



M tS> 



_, -JS g 6 3 g^ 
X S-B-fl 5 cs <u g fi 
csC5cj<Dji|i3cS 
■ptH«3 g ^5^ g 
ft"_Ij p . .-n CS 3 CD 
3 CD 3 CD cd St? ... 
0) 3 ft-3 SS-fi ~? cs M 
X fi » o+3 3 m fi 

s •» j-g«B § gg 

Hgi^fi-g&g 



.3 co cS 
CO 0, CJ 


t*5 
2 "5 


3 csXJ 


CD^H 


O ft 


X! C 


X o< 




CD cS 
"oS 3 _, 


■- <X> 
2 be 


ily rent 
m volu 
irement 


PQ » 


._ 3 

KH O 

i^ls 


S^g. 


"S 3 






hH 6 


Oh « 


fin O, 


^^ 


Mu 
xem 
ther 
DBs 


4) Oh 


CO 



CD .3 fa c_; 

'0-2 fpTH-fi, 

8^3°o| 
ft e:3 M E 

t3 8^fi fi-g 

CD CDX! >l g 

ja a h cs 
>,o fa >ls 

.. o CD Of 

CU ° m fi 

SPfJ ■- '3 

•3 T3 fa -3 
s ^P2 So 

x § 2^ 

torn fi 

b S|<u«8 

'*S " 2 fl S 2 
a c ^cs^ ft 



o x a 

„ CD CD 

n be fi 



3-fi 



13 « ( 



CS >>^^CM 

w fi 2jHfJ-r: ^^^- 

o^2l-g§°S 

* % s bp| fcsa 5 

o cy fi ^ co °° ^ 

^ a g'g g.l 2^ § 

3 +? c - 



a ^ot3 



00 



■!2 « E.22 
>- b to o> c* 



II 



bx 



0-3 CD,CS „ 

CD ^^ 

g-^ w i§ S ^.cS 



^o2"S^tii!CCDcS, 

"TH^-glC! tn D.CS CD^ 



h fi ? 2 



H a g .5 ot3 a ™^ffl 

H B ^t2 «'3 2^ 

°5 o!a ^K S^ ^ 



■ Jh ® A 

C — o 

a » 

!h h & 



"S-9 c 

ft »0 

-So™ 
u c a 
0)2 >i . 
a oco $ 

to cu 
O .■*; > 

.2 2.2 



a) CD *h 
ftjB ft 



^ E 



£ a> ujs cd c 

r> JU fll '7* 

sSo> c.2 



2 m 3 

3 ft 3 

3>q 5P 



-a. oi a ;3 



TD CD 



?< "^ *^£ CD e 

.S ^ us --g S .2 S 
43 £ <g * -3 S 



B c u 5 ft ' 
2 S „, " „ts^ 



<a * 



a> 

*J5 q 



H a 






m .g g co a) 
a s-a ^o 

0*8 O ftlO 



^3 cd fa ts 
ft-3<2 * 

5 5 2 

cs <U 'co'g 

.-4 CO S 

+3 —^ J» ^« 

T3 a> 5 

So m ® 

S CD 0J13 

■• 'o 5 ft 



•='Eh 



a a 

o.Sfi 

-^ co a 

a a 

-i-> O CD 

*£ " 
&og 
ft u o 

M S 2 
£ 3-2 



'■*! 5 

>-> 3 
.3 

■gl 

g-ft 

5l3 

■a ® 

a XI 
| S 

£ CD 



33' 

• H , O 

ft. Sis 

o 3£ 

-^ CO 

.la* 

+s >-i .-a 
©-a 

CD > CU 
.3 P 6 
t3 bo o 



co O """ 
a CDS >. 

o ->S 

«i2 £ a 

is** 



T5 CD 

°.o § ° 

H-= 

CD CO 
CD tt? CO .tS 

S «.S'S 

D.3 * 

0) CD O 

JS co co 

a o 



a ^2 

si co -a 
« o; a 

3_ » 

c -a u 

P. cl « 



2 2 S 



be 



3 ^ I 

_co >H 
aT3 C co 

g 2 &.2 

Bu«3 
bo * S « 



sejij a 



s'a 



o" o CO CD 



ley's 



co H«3, 



g cd^! 
ft CO 



CO o 

3 S 

0) CO 



i!3 S-fi S! 



afi 



? CD'S 



2 >> 



?_0-H 



S S3 g>"-g 

<i> bo 3. a co 
fj bop s ft 

3!B ^^^ 

o , - tJ ,, ™ ~ 

a_ o> co o'-h 
fto£ o £ s« 



.Sx s 

te.2 7 ^ 



ft-5 



.2 ja."tt 
"ftiS a 



CD ft 

a 6 

o o 

o o 



ftp 



j* co o CO 



53 o-G 



cd .a 



o c . 



el 



CD CO 



!* 3 4)!h oj* ^.g 3 



031-1 
a co CO 
■71 CD CD 

£ »H >, 

52 2 

ills 



c° ft f 
S * CO 



O C 



IO ft 

!t? 2 



Ph -a cd c=m 



c a; u ^ j M 
8 3X3 9^-2 



• B CD CD 

£65 



T 3-3 3-1 



T3 3 

tt) 'co 

a, cd 

S £ 



cd to . ■ -a cd -a u 



a o 



las - 

J» Cfl r O 

a ft 1 " 



CD 



^3 



o .22 

CDT3' 
ft CD 

B« 
O 3 



^3C 
CD »-c O 



bDi 



S 3 



p bo 

« fs ^ S 

:3ft £ i 

o a co cd o 

CO^^Eh g 
. 3 -w CD • g 

ft 2i2o g^^o 

3 W cd C 



ca 3 3 fto ^ 
o co a ft o fti-H 



cd s- as h2 
S o>-a o^ 1 
'S<-2S 2 <u 



at.j) 

CD CD ^ 



25 
« ^ "B 

CD i- 3 

...s 3 

o-a cd 



to 3 



a- 



^ a 



— cd q. a 
Jit* 



« 3 Pj -"H _J 

-C cd cs a 1 ^ 

Eh ftoo bo 3 >> 
X OJ CD CD U 



50 



.o'> 

'•H O 

ft ft 



CO ^ 
r a 



CD O 

■■a g 

cd a 
SS co 

CD 



c « _S o_2 cd <u-2 

•:s-5§-5.§ag 



-g^^S g^3g 
o ft S' 3 S'3-m ® 

8 ft ft 2 g|bB.3 
^cSSs-cocflgaa 
o^tftt-g5'|g 

"™ | ."t^ r h «! —t _c d 
«< 'r iu x (u ^ '^-^ « 



6 * 



u *-•— . *3-h ° ft o- 
cDhacoa cpfts 

3o£g£-° u%- 

■•h a Of^ +j a ? 

..3 -a ^33 co CD o 

>^ 3 m g 3 >>— ' 
= 88«^* Soo. 

Sg^^ - ' 

2 -a h o ^ tJ 

S » cd - cd .a 



col? 



s; c 



O-Q o <u o " 

CD t. — s- 3 
T3 ft^5 ftT3 



CD±i ' 
> 4) 



*-? 



3 

to 

© 

a, 

o 
u 

QQ 

"c 

83 

£ 

'3 

X 


Transferability 

Credits could be transferred to new pur- 
chasers of a project during the period for 
which the property is eligible to receive 
the credit, with the new purchaser "step- 
ping into the shoes" of the seller, both as 
to credit percentage, basis, and liability for 
compliance and recapture. 

Administration of credit program 

Credits could be issued by a State or 
local governmental unit authorized to issue 
tax-exempt bonds for multifamily housing 
under State law. 

Credit issuers would be permitted to 
charge reasonable fees to credit recipients 
similar to those permitted under the MCC 
program to cover the costs of the program. 

Coordination with other provisions 

The basis with respect to which credits 
were allowed would be reduced to reflect 
any rehabilitation credit for which the 
project was eligible. 

Tax-exempt use property would not be 
eligible for the credit. 

Effective date. — Effective for credits is- 
sued after December 31, 1986, pursuant to 
elections to trade in IDB authority for years 
beginning after December 31, 1986, for 
projects placed in service after that date. 


A taxpayer would be permitted to 
change its accounting year without consent 
in connection with its initial election of 
REIT status. An entity would not be dis- 
qualified from electing REIT status in the 
first taxable year of its existence because 
it was closely held. Partner to partner attri- 
bution would be ignored in determining if 
the REIT is closely held. Corporations that 
have never qualified as a REIT and that 
have earnings and profits accumulated as a 
regular corporation would be required to 
distribute accumulated earnings and profits 
in order to elect REIT status. 


PQ 

01 

CO 

3 
O 

a 




c 
_o 
"in 

'> 
o 

u 
a 
o 


"3 

09 

O 

a 
o 

u 

cu 
c 

0) 

2 

'to 
V 

Oh 




a 
_o 

'to 

"> 
o 

o 


J 

c 
w 

to 
0) 

Oh 




An entity that qualifies as a real estate 
investment trust ("REIT") is subject to a 
corporate tax but is allowed a deduction 
for dividends paid to shareholders. To qual- 
ify as a REIT, an entity (1) must be taxable 
as a domestic corporation, (2) must have at 
least 100 shareholders, (3) must not have 50 
percent or more of its stock held by five or 
fewer shareholders, (4) must distribute 
most of its income currently, (5) must hold 
a minimum percentage of its assets in real 
estate related and other passive assets, and 
(6) must derive minimum percentages of its 
income from such assets. A REIT is re- 
quired to be a calendar year taxpayer 
unless it was in existence as a REIT for 
any taxable year beginning prior to Octo- 
ber 4, 1976. 


s 

O) 


3 
e 

o> 
u 

V 

E 

o 
u 
_c 

£-: 
& 

fee 

n 


05 

to 
3 
u 

H " 

-w C 

c v 
2 E 

Sz 

S3 

at 

23 
41 S3 

50 c 

3^ 

01 • 

Q 



73 

GO 

O 

a. 
o 
s» 

a. 

09 

"s 
eS 

S 

73 
-E 
u 


REITs would be permitted to hold assets 
in wholly owned subsidiaries. REIT qualifi- 
cation tests would be applied on an entity 
wide basis (i.e., ignoring the separate cor- 
porate status of the subsidiaries). 

For a one-year period after the receipt of 
new capital, income from the temporary 
investment of the new capital that quali- 
fies as "95 percent income' would be treat- 
ed as qualifying "75 percent income." 


REITs would be permitted to provide 
those services customarily furnished in 
connection with the rental of real property 
without being required to use independent 
contractors. 

REITs would be permitted to receive 
rents based on the net income of the 
tenant, provided that the tenant's profits 
are derived only from sources that the 
REIT would be permitted to earn directly. 


5 

Cfi 

3 
O 

X 


a 
_o 
'53 

"> 
o 
u 
a 
o 


d 
_o 

'co 

"> 
o 

Si 

a 

O 


73 

on 
O 

a 

o 

u 

BO 

S 
CU 

"33 

CU 

M 

Cu, 


s 

_o 
'53 

'> 
o 
i- 
a 
o 


c 
_o 
'53 

"> 

o 

Sh 

a 
o 


-J 

B 

cu 
ao 

V 

In 

Ph 


In general, to meet the asset require- 
ment, at the close of each quarter of the tax- 
able year, at least 75 percent of the value 
of the REIT's assets must be represented 
by real estate assets, cash and cash items, 
and Government securities. 

In general, to meet the income require- 
ments, at least 75 percent of the REIT's 
gross income for the taxable year must be 
derived from rents on real property, inter- 
est on obligations secured by real property, 
gain from the sales of interests in real prop- 
erty (other than property held for sale in 
the ordinary course of a trade or business), 
dividends from a REIT, refunds of property 
taxes, and certain other limited sources. In 
addition, at least 95 percent of the REIT's 
gross income must be derived from these 
sources and interest or dividends or gains 
from the sale of securities. 


Rents from real property include rents 
from interests in real property and charges 
for services customarily furnished in con- 
nection with the rental of real property 
whether or not such charges are separately 
stated. Rents are not considered to qualify 
if services are provided other than through 
an independent contractor. In addition, 
rents are not considered to qualify if they 
are based on the net profits of the tenant. 


E 

CU 


CU 

u 

'3 

4> 

u 

V 

£ 

o 
u 

_s 

IS 
G 

ea 

■<y CO 

4g 

e-i 


X 

C 
cu 
u 

Cm 

O 

c 
_o 

"3 

a 



J, i-O to G'O'V <B O -3 <U 0> ' 



a 



0)£j2 ° 

a 3 tE+3 a) 

-a. a Zi & 3 

-O-h O _ ffl 
jj ■ p5 O to 

* ® L^ *T 

<D fcH 5 3 
§-C ° CO S 

o.-Scs H-O 

d fe Z 2P i> 

>^3 ° , sS 
<J.S 3 d 8 

0) O 0) (1) 



- 6 M-£S ol: 

a >,«;£ -8 SH 

a>—n -m d<rv! 
C VS -3. 3 0) 

w~ S g.a a 2 
« i ? a* s 

■5 lj> a d.S 

a 2^0 -J gs 

SB'S X 3 a nJ 

® -ti S.T3 tJ3 * 
be 3 o-^ £ o -m ' 
ax _.S a 3 to 

o .-a -g ffi » « H 



b0„a ° 3 
3 e o 

J-i G O (-1 

s a &§ 

£2-3 -£« 



a h 



<p a 



-m £2 ? 3 
3 -S w " 

3 to 3 $}><<=; 
o -h >< d o 

csce-a a 



-S.H »^ 

SS S °r 

£o.5u 

* X o 

a ^J-Sjj 

■ t3 ^5 to -3 W 
"3, X> "3 *- W 

-e -^ -m ^43 



■*:S§g£ 
-u .0 ti.a D 

2-o to "3 hp 
S S-S a S 
S«S 3 -a « 

"3"C >h to 

a Sis « a 



3 d t{2 > hh 3 a 

O. ^ 5a O H d Mt3 
J«-3.S_ 



o a; 



03: 



ico 



o> »h to _ 2 

o^toxi ai3 UBS 
o a S 3.^-3 

CO &Z, S T3 « _ 

- I 8£a2& 
^ .-3 to .a _ a a> -a 

w) & 5P m to a «- 



£ "53 3" °° 3 £ 



-a O, cS o 9.aj3C 



ea— en «oO «j3j3ojo3<3 
,T3 „-3t3 5 S^ r- 



3"&n "a 3< o 

SW 3-d g ' 

03 e d 



O c3 



5 «T3.5'S 



-a^-3^ §,61,3 a/gjSo'd a-2 
! 3 «.- ih _ a d g a. 



S ho* S.H g-S^-3 S-a o §.« a 

2 3 (1) ai ffi .5 -3-a 



. "O to 

c « d 

a B a 

3 *^J -rt 



"3 

to 
O 

a 
o 
>- 
Pm 

QQ 

*c 

C3 

E 

S- 

'3 
u 


The number of sales that a REIT is able 
to make within the prohibited transaction 
safe harbor would be expanded from 5 to 7. 
An alternative safe harbor would be pro- 
vided whereby a REIT may make any 
number of sales during a taxable year pro- 
vided that the gross income from such sales 
does not exceed 15 precent of the REIT's 
taxable income for such year. The extent of 
improvements that a REIT is permitted to 
make would be increased from 20 percent to 
30 percent of the property's adjusted basis. 
Any marketing or development would be 
required to be done through independent 
contractors. Losses from prohibited transac- 
tions would be permitted to offset taxable 
income but would not be permitted to offset 
gains from prohibited transactions. 


a 
o . 

^ 13 
C- 4) 
OS -H 

CD CS 
<£> B 

g| 

°> 0) 

CD -Q 

o> "3 

ll 

to 

XT3 

<s a 

go 

0) 2 

H« 
a) 

T3 


bD 

a 
"3 

B 

•a 

0) 

XI 

to 
h 
CO 
4) 
>> 

0) 

Ss 

Eh . 

1 co 
i> ^ 
a a) 

1,3 "a 

S g 

•Is 

£Q 


5 

01 

09 

s 
o 

as 


a 
o 
'55 

'> 
o 
u 
a 
o 


c 
_o 

ID 

'> 

o 
u 

a 
o 




"3 

09 

o 
a 
o 
k< 

a. 

_»9 

C 

01 

!2 

01 

i- 

0- 


b 

'Si 1 

> 
O 
u 

a 
o 
Z 


a 
_o 
'to 

'> 
o 

a 

o 

S5 




C3 

J 

c 
o> 

en 
01 

h 

a. 


A 100 percent tax is imposed on a REIT's 
net income from prohibited transactions. 
Losses from prohibited transactions are not 
deductible from gains on prohibited trans- 
actions and are not deductible in comput- 
ing taxable income. 

In general, a prohibited transaction is 
the sale of property held primarily for sale 
in the ordinary course of business. A safe 
harbor is provided whereby a sale of prop- 
erty is not treated as a prohibited transac- 
tion if such property has been held for at 
least four years (for the production of 
rental income if land and improvements), 
the aggregate expenditures during the 
four-year period preceding the date of sale 
that are includible in the basis of the prop- 
erty do not exceed 20 percent of the selling 
price of the property, and the sale is one of 
not more than five sales of property by the 
REIT during the taxable year. In general, 
the disposition of property acquired pursu- 
ant to a foreclosure is not treated as a pro- 
hibited transaction. 


If it is determined that a REIT failed to 
satisfy the distribution requirement in a 
taxable year on account of a subsequent 
adjustment to its taxable income, then the 
REIT may avoid disqualification by the 
prompt distribution of a "deficiency divi- 
dend." A REIT for which such a deficiency 
is determined must pay interest on the defi- 
ciency as well as a penalty equal to the 
amount of interest not in excess of half of 
the amount of the deficiency. 




01 


93 

s 
o 

"5 

cs 

09 

e 

CS 

u 

•a 

OI 

S 

o 
u 

PL, 


CO 

S 
o> 
-a 
\> 
"3 
(►> 

o 

s 

.a 

'S 

V 

Q 


01 

"3 

■a 

01 

_> 
o 

S3 

K 



co-3 

u p 

CU te 

3 03 
— T3 

kT C 

fe o 



s £ 

-J3 (D 

a > 
cu o 

So 



•=>«,fi. 

(CSX 



£c£ 

Scm 



CU4S .*5 

T3 J3 

sT JO co 

Sis-^ 3 

1—1 CO 

p. &- o> 



JT3 0) ' 0) 
■> CU CO 3 r< 

o— 3 •>, 

c fe 

a> o _. 
cu c bc^3 
o 3 cu 

a 8 3 

O M_, t *- 1 

2-2 " 
s i2- 2 

* 5 « '-£ r 

2 -o 2 •• 

{£ CO co 



>>o-h co 

S TS§c3 

^ » o £ 
"1 fe - 



CU-- 



Eflpc 
i £2 co 



w -Ogi "+,& 

o „, £ s 2 <n"3 
cu 2 ay3 * cu^ 
.S^ <ut3t3 cS'S, 

^ £ CO 
-►.^Po-fa^S- 



3 p cu-a fe 

o co 3 o 3 1 " 

cu"" 1 O 9c"3 o-w 

^ _ 3 &T3 <u o 

gfi h m3 log 

T) c5 „, » O ** 

a> o 



-. " o 
« »h fe 

P- CD 

cu ^ 



o cu cO 3 P-3.3 

• 2 g g o 



* 3 „ 

(u a> C 

-w-e ft 

§5 So 

c co ° 

co cu ° a> 



-3 ° e »7J 
-T3S22 

co fl boft 

■° a>,o o g 



T3 y -^ ca co cu 



£ CDT3 » 



fes 



cu 



&£>"£ 3 



"D o „, -i 
bete § cS 
cS ^ 3 ^2 

§ § a— 

* a (D .£ 

o !*>"?2 
s 3 co 



J3 cu co 
- e.22 cu « 



CU 

2J3. 



— 2 a 

JrQ O CU g g 



ca co » 

p CO co 



3.3 cu S -„ 
i2l3T3.2^?.-y ^O P 



gco 



i-ii;cuco-l3o-wbca> 
gcu^co^-ftC^cu 

fto£ CO CLO CO-S C. 



4^13 

co t2 

fc. o 

te 

-M > 

3 co 

— "13 

"Si- 



o 




crt 




3 


u 


c 






cu 


(1) 




y.o 


>-. 



cu o 

.* 3 « 

32-S 

S5 



^ CU CO 



-o. o_g 
3-S M 

O C cO 3 

ja gtc-^3 

Frt fl O A 



CU 



"e ^ ^ 3 
S cu 3 2 
2 a, co fe 



c ^ P 

> ri 3) fl 
to*^ 3 o 



cu 



CO 



3 >"o 



-a co g cs 

safe 

O O CO co 

fl "° .2 1§ 

ro ^ cu 

CU CU i_ 3. • 

sn-y o o-e 
cu cO p. 

-"^ J5 -y 3 

j-CCO 3 S 

p-h cu cu a 

4. 0) fi X 

o o 3 CU 



^ 0) rf 

— 5a to -a 

T3 -o cO 

ca CO ft 3 

-i-» -*-* .CO 

Cfi cu^^ 
-O §"" 

OT3X1 ij^j 

■a 3^5'S 

« « o g« 

c^-S § « 

i— i g c fe aj 

2 o 2 fi 

JD o 3- 3 



3 ° cu CO ™ 

*• ■ ^^ 9 
co P cu r ™ cu 

2-g^ 1 ^ ^ 3 

T3 P 0_ CU 

? °^i g co cO 

O cu B cu £ 3 
p p33 o_ C 

b b co m2 b 

ft ft . B3 > 
co >> O o o 

g S.S2 m » 

-o S 9 « a- 
.a co co o o 

CO flJU^w 

> S 2 is « s 

^-2 S a 2.2 

cu S CO ft 3 -" 

S O co ^^ ft 

-c ja — , cu cu 

^ 2 °3-^ 9 

=4-j3 !h-3 X 
O ~ CU CO CU 



S3 6 * 



O c-3 


X 


dby 
rnme 
e use 


X 

CO 


3 >-" 


CO 


»Oo 


ro 


.2 &B+3 


C 














3 o CO 




o o 
-Q — JS 


CU 


rt-q-y 


O 


o SJ3 




rest 
te a 
of w 


3 

£ 


CU CO 


3 






SCC 13 


CU 



3 _P 



£ 


o 


OX 






JO 


3 




CU 


CO 

n 


£ 


o 


3 






ft 


CU 

> 








bfl 



cu co i- j_t 3 ^-r 

J3 Oh Q-" 

u3 h r 1 « 3 co 
"^ fi -S CU J3 CU 

<tj' H O E tl* 

°T3 S a-as 

. -w » § S s cu 

£ 2 S p £0 jq 

'. cu -> u > be 3 

CU U CU o u 

• rt cu J3 co 

co ft CO -3 ^ 2 

^S^ o o^» 

^is* ° 
!2i-o3g-S 

X)§ ao(ju« 

EH o 2 r; ^-2 3 
,_, XJ +3 +3 o ti ca 



8-2 B «a= 



c-fi 



g ^3 



2c S £5 
o cu -^-^ u 

S 85-2 8 

_. >> In CO- 

2So3flj 



co ce cu-3 cu cu 

ScocO^S 

CO cu.s M ft cu 
. -w > a co 
b co c cu a 

O (U CUJ3 3 



- co co ■ CO 
CO CU 3 CU 
—.'n P CJ 
=3 ft bfl-g 

te § «^ 
5- c0j3 <" 



£ © 



K fe ™.£ ? s a » 



ofe -.a -a 



o o 



cu <u 

h £ 



S.2 

o ^^ 



Sa 



3 £! 



ft ft.2 5 S co o 

'S-S'S.a&ll'S 



(H o 

cu a 

i| 

cO^ 



^XlJ cu 2 "" o 
inCt-Vn bo 3 CU S-jj 

° ° O m CBS ° a 
cucucuS-acoo-G 
co co co~3 CO'— <"* ** 

co >,Ih te 3 2 
CO -D ft CO ftcS 



•s-s 

c^ftg 

CM CO 1 — I 
H m bO 

a p 3 

CO 3-3 
„3 cu CU 



*3£>> 

3 § >>-5 CU 
-T3 CU CU O 

Sa ftg 0, 
5 co °_Z 

co „bl3 Hi 

_j- w ft ca 2 

3 go CU 

o co u +e 
° *3 2* ® § 
3 o co £c o ia 

* U H ,.T| 

a " « 2 oj 
b tei a a o b 

p ca > °ia £ 
b? a, e 3 75 5 



St as as 

CU in 

J3 +" co 
cu co o 

?T3 _, 
Ch CU CO 

°"3 c 

£ 2 o 

o -E3 

1'^.a-S 
".2^2 

So a • 
t, co .2 
Si3 -2 9 



?To5^ 

cu a "3 _h i3 



C -1 CU 



3W 
cu 



co o cu o a a 



O £ 



e S3 

8-a. 



° §.2-§: 

« OS &. 

s 3 S 



C8 S 






OT3 
: 0> 3 

>3u 



3 cs u ■»■" 
' «S„-g 



> .3 Ld fll <D , ~3 



2 e 



^ 3 'O toTI 'O 

liUH 



V 

.5 fl 

.5-2 
ca3 

H S 



t 3 

gJS . 

8*1 



in on 

10 to h 



«41 +J --H 

_. » S 

g>-s 



a &3 2 



a) a 
« to 

s ° § 

£3^ 
•2 * 



OJ 



3-* 



""' .2 
■e u S^ 

g£2'° 
2.2 8 « 

S ° § 



S T3 
cfl a! 



a> 3 



tf3 >. 

J3 ? s 






CI ^^ 

S ** 

C 

'" J3 



s a) s 

•a§J 

£2§ 

a> u *-> 

s- 



h 3 « o 



"5.^ ° ° — 
2 &J3 2 8 

•3.3 3 cs ^ 



ST, o 
to m 



to 






> be o 



Mi, J) 

X M-l C4-I -*J 

ft O O 




; •- ^ a, O poo 

1 -rt SS 3 to -O oi 

ifl «1 O h 0) ,„h 

> .a> bo.3 . $ ,3 

, ^ o ro 3 * . 

cs c c c a> y 

Pm * S c -r 1 

.li' o ai u u fj 

O Sh,q Hi J) cB K 

■Cl •3t3 : ^ S 5 to ^ 

3 3.5 c^--gc£> 
C to to .3 O Ch"* 



a>,i to >h g 



■§ ^« flog 



>i » i <U 



o 

e 


e of 
sed to 
tly) lo 
State 
sect 
d 




Sh 3 o l. « i 




or mo 
to be 
indire 
than 
ts 
ions, a 
e not- 




^ 


l, s- G-H h 


ft, 

4) 


cent 
ds is 
tly o 
othe 
rnme 
aniza 
nds a 


Bl 




m J) U m he O 




) 5 pe 
d proce 
ce (dire 
oersons 
1 gov 
(c)(3) or 
)Theb 




c 
o 


a; 


J5 
Eh 


to c C ro^-i ,a 



CO 



co ■ 



3"" 3 3 

g> gfl-o 
3 *b 



C >< & 



o^ ? 2 
P^ B ft 



M ^S>3 



J5«2oO 



.5 B^^^> 



CS 


c 


0) 


o 


c 


a. 


O 


b 



T3 cd 
CD to 



"a cd 

"3 <g 

C ™ 

Mcd 
3^ 

££ 

(0 

to CD 

ai a 
to c 

<; to 

ca-S 



c 

£2 



"a 



k CD 






■y i *i <u -a 33 -a 
c g £x 21a 3 

>i CD to^n J**" — 
£.£t3 ° ° ca 

^2-^-3-3-3 2 
3 — -g cd g 

3. So bo£>>o % 
8*^11 5>a g 

CD ."3 id rn to to be 

.£ 3 "ca J S|j3-sx 

38BSS8-1-1 



a — ' a; m -^ ^ »*; ca 

<£..o & o cr.fi cd<2 



cs-a 
<§1 



to rt 

to P 



toi3 *3> 

03 CO in 

-a cp - 
3 to to 
ca 3 >> 

a|S 

o "C,3 
-hj.23 s.SP'a 

•Sp L ,o* L ' ca 






cq g 



?sss 



£ 5 » 



,0 O O to 



ho 



<+- 33,ca 
£ 3 u 

o ft.g 
-Q cd £ 

s 3 ro 
J ^3 

•H ^ M 

-2 to.» 

apq-3 

CO 



2 6 tb 

o * 
> d to 

^sa c« 
£« - 
-5 0.8 

s a> 

to <P - 



£ 2 ca 

ft.2 

"^ CD . 

-S yta g 
c > _o 



fa cfl 

.2 £ 



. -t- 'S cu 

■a s^^ 

al 3 £ 

o cu a-s 
"43*5 en 3 
ft'> , — 
8 £ OT3 

-0.3 o 



_2>'3/to 3 
"2 ° 3 3 

to 03 

"omC 

_ wrj <p 

.£ S *■ m 

V,-3 CO 
^3 <» 
-3 § 3 CO 

J£ &T3T3 
2 CU CD 0) . 
g M-3 to 

W ft Wig 3 

+J CD 3 43 O 

l)S« Jo 

£ 3 §^U 

«— fto s 
<-g o * >< 

•3 CD CO^-T^ 
ca to si to . 

H £ S cS « 



CD !- -"3 bO.i 
tOJ) ffl fj g 

~* 3^ « 



3T) 

3 

-3 3 



3 3- 



5 ^ X 
CT3 > & o 
C cd O l> ^3 



S§^»8 
* iScS g-J 

3 c ?T3-rt 

•2 S^ 



ffi t* 



w 



!h 3 - 

3 S.gJS.§ 

o* CD +3 C +3 

CD g O CD CS 

I- ft 03 O N 



O 3T3 3 I 

>hm 2 O CD 

rVH m S 3 CO 

° S » =8 



»»3 
CS-P «; 

CO 3 



>-5 ca- 



ca 



a -^gs^3 

CD^£?g &g 



- 3 

£ ca 
Sv3 



-D 



O CD 



>X 



>>1? 



3'u" 
2 ajX 
* S-Q 



.0 >> 



3 M 

CD 3 



CD ° 

ft CD 

Is 

«CQ 

^ ca. 

£s 
ji ca 

ft^ 



£-S 



ifl r/i H S< 



° .£ CD S O 



II Jl 



ft 3 cd S; ca +j 

CD 13 CO CD "^ 3 

o ^3 ^3 u-73 cd 
^§§Hc? 

J2 -D CD > b£ 



> ^ k 3 „ 
<u o « s 

> o_ 2.2 3 ca 

; to •? a :3 ™ 
-S o ft o ca 



3 !i 

ca « 

3"^ 

e ? • 

3-3 h 

°«^ 2 

CD g rt 

£-3-3 
3 3 cd 
F O CD 

fcu" 



s s 



j. -w CD 
ag^ 

^ £ c 

-2 3T3 



T3 3-3 £ 
£ S S « 



™ £ 6 
3 * £ 



m 



ca bi)» — — 



cp ca— ' g 
£ £ S ca 

00 SS 3 

CD O — 



j§ to £ >,o^ o 

"KhJC £JS 

^ H £ O-S CD 

*" cd ft«-> 2- co £ 



3 >h O 

■2c2m 



<li 31? |S 08 bo 

H "^ .£^h " 2 

„-3 £ 3+3 M B. 

SS4* S « a i 



ft— -O w F7 OB CD 

u^ ca o -; s <« 
x3j ti £ a .22 



3 ~ 

rn gj 3 m » o 01 



<u ca . 
SO bbS2tr 



H S 



a 3.9 

S 3-3 



bo 3 

AC 



^2' 

CD 3 
ft O 



CD r- *3 

3 ^53 
c tt-i CD > 

.a 3 co — 
J3 o g 

8 ft.£-a 
r ^£^S 

W CD u 2 
X CD 3 
cd o o 



Ci £ 



J3 




o 

CD 
ft 

m 




com 
e con 
bilita 
rch ] 

afte 




ndin 
pend: 
rch 1 


ca 

~3 
CD 

=s 

in 

m 
T3 
C 
o 




S-H 








t to which a bi 
significant ex 
into before Ma 




-3 

CO 

a 

bjo 




al use of whic 
taxpayer and t 
auction, or reh 
egan before M 
ompleted on o 






n 






O >hT3 






(a) The origin 
mences with the 
struction, recons 
tion of which b 
1986 and was c 




<D 3 <D 


1 


^j 










cm 


CD 


d 




u 




s- s 

. O CD 


o 

cu 3 
a a 

■j> CD 


1 

1 
U 

H 


1 

co 

S 

o 


3 
-a 

3 
-3 


(b) With 
contract t 
tures was 


1*1 


+3 


k| 











ft <D 

t* 

T3 o> 

5 * 



to Oi 
00 u 



73 • y 



o\ 'B co T3 co >> 
*, 6^-43 y3 i! to 

2o-g o> M3oo 
gg&sS*.* 

^'g's-ag 
fi|Ss* a 'a 

-3 ft O"-^ ^ >>£, 

§ S a s s -° 2 

n ^ - Q L rt* 



0) T3 c*_ 
„, Q, CD CD 



CO .5 

-3 Sb'-a <d-9 *h S s- 

In -P O CJ CO > 



2g>aS| 

-So g s 

-u o bD « „_ 

J-Sg*l 

j, ra ca co 



CO 



CO 



C >> 



13 -3 

3 3 3 



CD ° c 

43 CD O 

-^43-°- 



CO >H -", 
CD "-i c 



3 



<u : 



CD 3 bJD"J 



O 3 
0) * 



3 S^-S 3: 






'O "^ 2? * 
3 2<8 2 3 

i? ill- 8 

I "gill's 

SJ 3 to § « a> 

03 e .3 42 

.2 ca 5:5+3 



» a 43 
>H .2 

o ca-C 
-3 > o 
2^2 



33 3 



T3 



0) ■£ 
2^ 

c-i^.2 

^ 3 

3 gfl) 



■=< 3 

.y '8' 



ga-aea 

t-> 3 '3i 

OI T3-3. ^ bf) 

cd 2.SP°'£ 

43 ^ ^ O 
-^ +i ° T3 CD 

Is P ^-C 

O O 1) 3-p 

§ >>43 fi S 

O 0> >rj ca 
3 ft >* 3 

, O > CO 

^ tn -3 CO 

° ft CD CO 

2+3 342 3 



SO.3 

8 °5 

0143 
43 43 3 
9+^43 

^2 £ 



« ^3 



CD O 



3^3 S^ 

C Q. ft O 

3 X r $ 3 b 



3 &-S 

^3 

3-^i 

3 a) 2 

bp^3 o 

E - " 



2 ? 



S to 
3 3 
M > b 
Oi > O 

42 

-^ 9 
2 S2 

"3 ^3 

•> -*" 

?io «: 

2° 43; 



"3 -rt S > M 



.^S 



3 ^ - 



•J3 ^ CK -M P» 



O 3 «*H r-J 

■h o Jl [JtJ 
43ig42 ^ g 

? 3 O O S 

^ co— ' 3 3 

+= m ft-" 

' O WO " 

> CD 3 P-S CD 

ft 9 m 3 >- 

C0_3^ S CD 

CD IO 

00 co 



cu 

-O 


O 


'0 

crt 


(4-1 

CD 
-3 


MO 

3^ 


Oi 
42 


_,_ 


C*H 


*( 







+4 


& 








43 


3 


3 


3 
O 

•5 

CO 


CO 
CO 
CD 

X! 
CD 


'0 

.3 


2 
3 




3 

m 

-3 

3 


3 ft 

rt 01 
303 

S 0) 



to . 



'S P 3 



^1 



2 to 43 

+3 CM 3 



a in tn a 3 

03««J3 



5-S^g^|2 
.-3 tSv- - 3 cd 
-o S^ ft-S §3^5 

3 £ O CB-3. > 

2 3^ H-g 0-3 

^ a ° a) k 3-3 

_ 0)'S43=i3 3 
"3 ft co -^ . >>$> 

« ■».§ 2 « g 
•a 3 vs « ft a; »- 

3 to-; p K 
EC' 



sh a 3 o> 

CD bo J- T3 

^ a 2-3 a 
^3 o a 3 

*J3M 3 
343 ^ 

■S 2 2 sT 2 

-u 3 Sh IS 3 

w * * ^ 

'3* — ' co 3 
oHpO fc..3 

43 . - ft. SP 

o § a| ° , 

§ c2 s 

J? 3:3 S 42 ti 

■•-> ^ co O 33 
■3 »C3 a-s 

l^gg^f 

~ «> a> -J3 .u^ 

^ co ^ « S 2 

co 2 S-S'5 

• -^ co C -tJ -*^ 



.3 « a >H 



>.2 5 co 



3 f" "3 

23 «-§ 

3 CD Q) 
2T3 > 01 

1 a 3 ■- 

J 243 



't-i ■ 33 (m 

013-3 01 
c2 -o*^ 

?3 bJD g 3 

rt S 3 co 

0-3C3 fci 

•3_2 CD 3 



co a bo 



a, to 'SI'S -h 
*3-j3 o o.S 



o3 o 



33 co 

S sa 



255 

T3 

co a 

=2^43 

*" CD . 

-c S -e 
h^2 

Sam 

CcC +J 

aj 3 



'Sb 



'ts a 

o a> o>15 - £ 
^25 §0 

i, CO 

S >>43™5 
1 '■•'S Ce« 



ft co m a 

55 §42.2 






CD 



cd 


c 




id 




o 


* 


*"' 


a 






43 




01 


c 

CD 


'3 



ft a) 



COM 
op 



2 
"a 

o 

'C s 

-=; cd ca 
•^ ft . ~ 

Sj^, » 



.2, S 



I 8 

e « 

e 33 q.cm 

S" 43 — ' _l 

1 K Is 

%• eg tf.g 

•22 w o> 3 



j" c a d 
5 fo-n 2 

£•£ « i 

°* ® fa > 

Sim's?. 

o » aj " 

_ co >i o ■ 

■S a cd 

CS r" T3- 
0) CD ^ ^S 
2-° to" C 
m <» 0> « 

CD -i O CO 

O co- 3 

ft CD 3 

CO S 8 CD 

to 8 83 



CO CD 03 

2 43 33 : 

a >, -g 

CD- _13 

4- •£ eg =+* 
^ &CS 
08 3 CD 



O..S 
08 to ■ 

3 2 2 

o M 

*cS* 

CO ft CO 



73 bo 



3 CD S 

?3J 
3 co 

,W CD 

3-^ S 

: « o 

5 CD o 

^K 3 



g fl > 
.2 03 03- 



S 3 8 S$ 



O" i 

43 £o 

"3 S> 

■Si 03-^ 



C 08 

O&H 



o od 
-a e^ o 

CDc*, CD •** 
£ °' £3 T3 CO 

"3 co o S.2 



J fcJ5 -5 



S * 



-013 O 

-H II O 

3 -"-3 o CD OD 

g e-S cd X a 

> .5 oj » « 

£ a S as E 

03 O o "S ^ 

^»_ C2 g 

"5 £3^3 J 

01 CD^^ « <*i 

*a2-2 5 

-s a S3 a 2 .o 



C8 

a°a 

■%° 

3 CD 

c2mi 



CD 



bDCD 5 ^ 

3 2 
■a o ., 
co 43 "S 
3 tJ m 

5 > ffi 



M CD 1 " 

r| to O 

.a o , 
3 ^ S 



-O CD C8 CD J2 



2 S 



2° -2.S a. 



® C o 



43 

+J T3 aT-^ T3 CD 



S ft 



2 « 



bDi> p .-t3 

C "3 n S 



3 5 is 

st§s 



^ 



43 -w 



-y CD OD >S 

2 > a 2 
a C8-S c 

co' 1 -' a * 



ca 



II 



3 6 8.-3° 



.2 "5 



u 2 o 

CD ^3 CD 3 
ft CD .3 

ao a 

3ca 



°1V 
3.5 -a 



CM 

Icig'S 

<^^ 03 CD CD 
3 3 

■—•£ O * 
3 c_c 



CM 3 (3 c8 

jj 2 03 

5 03 cd CD 

^ c ^ 

^ to C oj 

cm .±3 O .. 

SCJ--3 o 2 

3.S5 



>h.2 +j ^ 



" — 
cd cS 
ft 3 
3 

P a 



p CD fe 

p Jh L 

Oft, CO 

° *- ft^u a 

m 9 -IS ~ CD 

oS g CD O 33 ."3 CD 



co oj 

2 a 



>^3 2 CO 
3 



^:~ 



-— 3 

« m S °x\ k 
■ >£ tt 1 8 



iS „ & 3 



<3 



fl 3 2 

Oi 08 

ft^3 



CD 43 



cS o 



a o 



B33 



5 2 S 



ag^ 
2-?, 2^ S!^2 



3 o 



43 ft"5 a 



O ft , 



C8 cdiJ 



3 Oi " 
co^iCJ 
03 csS 

cd a 



§§|a1 

^ 5 S ft 



ft>>^H 

o a & 



2 2 g a S;a 



cd 43 CD a 

2 2 2 P 



3 co__ S-— ' 

.a cd ^3 



s cd , a 

co . — i J-t *i 

CD 42 03 ^ 

> X ** 'Jj CD 

.3 l,T3T) 



O o -w 

2-c u«S 

a cd m -°,a 

3 0^3-73 

a-a a 



CD ^3 



08 . . 

a CD 0> 

c > N 

O) O'co 

T3 _ — 

03,03 

S> tin 



,l£So?S a- 



U ^ 

3 E 



iri w ll§.8ll HH S»g.B^.g 



o ft 3 3 08 



o43 ?«*3 ft o 



.2X3 CD 

a « s 
2'a 2 

CD ^ 



a £ ! 







CD CD a 




rQ CO .3 




1 3 £ 




^^ 

fl cU >i 








-. g'P 




c8 OD-- 




s a -e 




s. 3 « 








g CD CB 




ft I>r3 




O += 








+p 3 




3 <D ° 




2'Sts 

2 ^ CD 








CD O 03 




^ -w^a 




CM 




CO -u 




o> a a 




43 O CD 




_ ft CD 


T3 
CD 
O 
3 


"X3 


CO 


cd o* a 


OB.i 




43 s " 








O 




CO -w 




T3 




Bt3 




O CD 




45 co 




a 




CD 




!3 CD 
C8 ^2 




1/1 m 




P 




h- 1 CD 





S2 

2^ 

a © 
<•> „ 

^r2 I 

~ ® o 

2og 

(h 08 

ft c 



.2 a 8 S -tr 

a a 

CD CO CD CS 

o .-a a cd cd 
10 bo— 2 t3 

^J 3 CD'S P 

+a 2 o 

C g43 «*- m 
Oi O-g o E 

p. <-t a a **> 

^ O CD CD 

O co o 13 

CM Ch J- Jh C 

O 0) 1) 

-£ ttftB 

CS co >> 2 

CD 03 3^o -g 

< a .2-aS 

^T3 ft CD a 

< cd a o 

O -t^ CJ u o 
CD o XI 3 

bo o 01 .a 



cso 


CD 


S-. 


1-1 


43 












hr 




O 


3 


CS 




CO 


CD 


E 


3 


3 


Fh 



.^5 



-^-^ 8 a 



_'°43 



%S 



o & 



-o 


a 


a 






s 







(3 




43 














X! 
CS 






m 






-3 


H 














CD 


a; 


cd" 

N 




343 

a . 




cr cd 






CD 


> 


>. 






43 


J, 




3 


C3 


H 









"i 












ea 


< 






regul 
in ( 
for 


DO 
CJ3 


>> 

u 

-1 


C 

O 


a « 

CD 53 


in 


crt 


a 

3 


CS 


CO 
CD 
u 
H 


3 
1 


CD 
3 



1 TJ ■» 



.= T3 

-2 o 
"S o 



O m 


-"9 


O 


c C) 


>* '£ 


oi ^5 


&1 


2 5> 

0. • ~ 

=> 


?< 


s ts 


®~ 


CD « 


PQ ™ 


^ ■<« 


C 


— 5- 


♦m 0) 


03 S 


afi 


'C J» 


fc s 

CD s- 


-3 ,H 


x 9* 


x w> 




08 a 




H,o 


1—1 


1*5 




pa 





S d 
a a 

C ft cd 

03 S s 



T3 X*- 
CD CG cD 

CD -l^ J2 

■OS'S 
-d 5 

-£2 rt 

§ ft-Q 

^ gj d 

^-, "d 

.£> 3 

■" S O 

r2 & 



2* 



70 o 



3 « 

a a) 

CO u 

:3 « 

> 3 



~e d 
cd 

2 c3 
-3 =• 



•2 5 



a^ 

-^ d 
&3 



"r2 

^ SP 






«.« 



<£.S3 2 



^S.2 

c t£ 2 



"-"^ d 



C >>a 

£ CO 

8.2 £ 
a) °^s 

§ 5 fl 

t/2 ccS cd 



^< d a 

~ ' a> q 



AT ^ CS 



S n'flffl dp pj 

■-J3 3 d S & 

— j S C <h ft 

o © » S « 



c a 



a II ell 



133 



C8' 
CD o 



s-drt-a q 



^3 _a 

d d o^t^-d 

ta o <s 8 cs o M 

d.0) co ft 3 13 

.J5 *■< S ^ -5 

rq >> ft cd cd "a 'o 

,-, ^ t<-i »'-e -a «2 

> o o »a 

.5 cu >>ra - e 

T3'c8 £c2 S3"-« 



„\ CD „' CD 

CD *h CD _ij 
S- CD H CS 

£>d £1?, 
-u CD 2 

cd co to s 

a cc as S 
^j ft lh .a 

'■£ co— ' 

■ ~ C CD 

ST-3J3 « 

"S" 3 ^ S3 

§2^-2 
^3» 13 

Cl*^ C8 co a 

— O CD CO 

-r>^ co S 

,>_cdt3 a 5 



o s 
« a 

CO 






^3 £ 
'3,2 

^^ 

~o CD 

a to 
° S 

C4,ft 

•a !-■ 
^^ 

§t)3 
a co 

2 cs 
:a u 

•£§ 

CD 



^ d 



to ft 

. 

S" CD 

^13 

^ a 
a 
^> 

■^ CO 

s * 
2^ 



o d 

00 a 



X"T3 



.11^ 

c -2 

«tt ® he 

CO P^ 

S Mo 
■IS CD 

„ CD X 

C-r) cd 
'a £ 

^ ^ _2 

CD a) — ' 

O "" -^ 

a a 

£ CD g 



2 



,/■ CO ■ J CD CD 
^03 ^3.^ co bp 

c? „G * 3 2 

& S S co i< o 

H CD H £ o -w 

§•43 O O^ CO 

^^ U 8 CSXI 

CD'tJ-d i^ZS 



C)0»C?. 

d „ 



- Sh 



^rt CD 

co a -3. - S. C" 3 1*- 1 



S3 m 



m. a 



> fi — 1 co -S 

.5 pa- cd ^-o 
^o3 S.2.S >>% 



2=2 

c.S 
a a 



Q^ 



boM 






t 

-a 



I I I 

o ^f :3 



t3 



^ o bo 

"S bfl° 
■2 a cd 

b CD o 

=*5 CD_- 

"^ 

G CD CT3 

**^ >, 

C C o 

a a =« 
^2c5 

*• d CO 

cS bc.£ 

o.S"a 
C > a f^ 

cj CD § -y 

cu co u a 

~ „ ai3 

g3o 

^,-S o o 

iS •-» EL to 

~ bD a 

o'-S o 



K) 



<a cd 



a d 



e a 



c? a 
S 2 



CSf 


B 


:- 


0; 




(1 


e 


CD 

Q 


cu 




c 




'-'J 


CD 



^>bo 



■~ a 

CD CD j- 

O — K 

„ CO 00 
.15. J) C75 



kJ c3 



ca cs 



o 8;3 

* « a 






O <u -TIP. a) 



cu CD 

•SB 
y "8 

tfi) CO 

fee) 



>>g 

: :|l§ 

; I » ^ fl 
1 ajfc-" 0+^ 



5,-. 
u 1 



f d y 

0- 



01 o 

CD 0) 

d'ft 

CO S3 
bog 

_ co 

-3 CO 

,3 ° 
^2 

O i-Q 

goo co 
.22J3 



0)§ 

j- S3 t-, 

o co.p 



55 



'O 0) CO -m 

is T3 O 

„, 6^ co nj co > 



j«jsb «j bo" 




0^0 



fl.t 



5*3"S 



co (2 0) 
a) -3 -y 
t- 3 



^co"* 



CO "" 

ft 
" 0) 

io ^ 

•^ CD CD 
00 h -S 



£ a> 

^»^ d g g * 

g 3 -w ft-d « £ 

k;3 o S-d gcP, 
c ° *-> £ a 

IB m.S gi^xj 
'fl cd -£ tP, "St-j d 

I* 8 « || £ 

SO +3 tm ft ft t, 



w * 5 tl 

P-S B-c 



S co ^-5 

bD-g.S^ 3 
rj CO -H co 

3o« 5R35 

* <°<~ g s 
-a co ^.sf 

•-* CO 0) 01 !-i 
CM iJ.Hfl O 



.3 ty 



O cO-d 
CO 9) 



O-d- 



^.QTS > CD 



2-d 



co-d 



SS co 

£ d 

2 -a o5 



nit in 

ITS CO !>^ o 



cis 01 



*0)T3 



01 


M 


S-, 


ntd 


C3 




flH 


Tl 


CO 


S- 


c 






a 


« 


CO 


t. T3 



J3H-CSS 
• trt ft pj cO 

.d d 



£ o (31 CO 



S d co 
§8:3' 

CD Xi 
J3X3 co 

£-2 Si 

° g» C* 

co ft 43 

TO -+i 

g Q) CO 



B d 



•Sd5 






5r^3 
o o 



g-d a 

g'£ d* 

cS « 2 

t - 1 CD Jj 

— 2 " 



CD O 
X! O 

d to 
CS CO 
be fe Jh 
CD > O 
X3 

.2co^ 
■d ^ 

^LO" CO 

00 J3 



^2 a>-gx3 co 

d ft ft O 

^^ 2 O S3 

-d StS-- ° 

O CO =»1 l-H 

•2 o CD CO t3 

> C n O C 



« rt g.d 

aS^dS 

CDIO 
C +J 00 CO 

+3 co cjj aj 
•^h j, co T 



c-e-s 



o® ■ 

S3 . « 
CM CO 



P* CO c£>.-H-a 

s S3 S s- d co 

O 3 H 41j2 
O-mX! ft is 



1-1 cO^.S -Q 
^cjh&h a, 0+= g 
-Ho .^flgg 

o [g §2 d p ft 

fi £ O (D'H > 

o> a j, ox- go 

<" S3 ° CD g cO-^ 

_ CD-OrC* . S3 

"d ft <D +» . >^ 01 
2 »! "S L, >>X g 

e ""S-s 1*1 

bo-a o> -g jh o u . 

■n g ^'bi^ft^S 
5 XJ ^h co ft O 02 

4-1 -!J CD CO CO > i-H 



CD CO T3 -S -T 
^ CD 2 ™ 

g 5f>a d^ 
? d co_ -" 

■S d CD 3 g 
PcoS|^ 

^00 +a -> J +i 
fflH -CO t- 

H >,Scg 

Mg.Sii! 
V <o § d >. 

S3 s-cg »Z? 

3.0 CD CO -^ 

tC l H— 1 (L CD CO 

" ni 6 (3 



.CD 



[O 



-OT3 

c d 

.3 CO 



'5>C0 



.co B^g 
O C0r3 
CO CD 



OT3^ 
jj CD S3 

3 CD £ 



bo o g 

.3 d 



1—1 'fci CD ■ 

.2 ° ^-S 

<° % d 

g-CO.M 
^5 CD *-• 

2 a ° 

"S S^ 1 CD 

° S dx! 

3 0+3 



CO fi 



53 

3-3 



•S^-a^ 



«3o 



~ « o - 

N-P^cu 

« o d CO 



K 



XJ c -i 3 

^ 3 
P fl CD 



T3 co b" 



cw 



^ CD o CD g 
CM 3 -Snl C 



co g 



T3 
3^! 



2| § 

g ttH co 
ft CD CO 

01 i-'" 

4) +3^h o> 

3*8 a 1 ! 



5> 



1^ 

CU H«S 

H e 

&3 g 



bf),3 




C 


*-> 




o 


o 




0) 

o 


Oh 


# 


ft 


CI) 




3 


CI) 


„ 


a 


0) 


>, 






a 


5 




CS 


cfl 




h 


+j 


c 
a) 


=8 


a 


o 


-n 


cu 












CD 


ft 


3 


ft 




CI) 


rn 


C35-D 


03 


O 


T3 


0) 




1 


H 


.^ 


O 


rrt 


c 






CD 


m 




UT3 


■- 


a> 


CD 


Q 


ft 


u 



pq _ 



a 

cy 01 

•3 



fee 



m 



,2 m 



3 » ^ 

$£2«3 



3 ^ 

,,cd o 
3ctj__ 

" E £ 3 

,- co ja 3 
^ g 

CO cj"3 



S 6 g 



53 3 l 

CO'- 



CD 



13 CO 
S o o o 

t»a S-o 

o 3 , 



R~ d 3 

ft CD g 
en 3 *» 

CO S'O© 

_, O CD *3 ~* 
02 CD 3 



3 bq at-, 5 



15 co S< S bodJina 

oSk ft33lR o 3 

ft 3 „. X) CD 3 
S«2 % «<_ 

S cfl-o go O 
0^-^ 3 ft_ 3 

"•3 u co r^-g CO 
«S o S ft| 3^ g 

CD-wCD-ScOCD^tt 

S^ S|.S5 2 be 
3 «3 §3 ~ a 

£ S "CO | * CO ES 3 
,3g^o.3a>,3cfl . 

8 *- 1 a< >> fab »- -^ 3 ^ 

^ XHs < 3 ° jjt3 CD 



t<" CO 

fee 
tq cd 



3 Cfl CD CD CD 

" a "" 



>,3,a 



3-3 

p CD co i3 

»£ £ s a+> 

£ n £.2 2 CO 

p 3 -S P 3 S 

3+3 LO'- 
-3 o o ** 

° S.-a P-a 



cS ft ' 



K .2 o 



"2 T3T3 3 o 

3 ^ 3 CO 
33 t, co >%'3 o" 1 "^ 1 

cS g m e8 fl-S e 

XI O - — CS -C 






-n bpcu d 

a > a) 
»-3 a. to 



co 3 
O CD 

-a.-tt 

+J s_/ 

O CO 

+-T3 

u a 



S >> 



3, CO 



ft Q, 

U 3 

CD ^ 



K| StH O^H 



co "2 

33 a 

6^ 



pq 



I. 8 g 
^w » a 

3 



T3C35 CO 



™ fe^ 



>T3 A a; S 

-S "S.s co 



S CD CO ™ CD 



ST3 O _, 3 
ft o CO q< 



*3 <1>T3 



co CD 3 3 g be 

en -w co -rH d 
J3-C; 



S -£ ^ "co § 2 
cfl CD CD CD =3 u 

2 § o.S ^£ 
^i $ § 2 8 
a o ft -. > °» 

0) m-c S il i. 
O CD^ CD +j »d 

3 S_ y-a cu 

X -3 C CD to 
cp CO CO T3 3 



■Sin 
C3CX) 
"OC35 



^"0 



7^X> 



CO 



O-O 

^ a 



£ o 3 

CJ 

O CD += 

u co C 
ft O CD 
„ ftu 

H h h 
Q30 

a &a< 



C03||. 
Q -H .-£ T3 g 

1— I Cfl > S S-i 

^ CD -M Cfl Q, 

JV ^ CJ ^ 

11 1*8.3 

ni O J S-+3 

2-3 x a. 
S g ^o 

I KcS r< O g 
I 0; *JJ O 



* 3 o 53- -a, cj 

<D a is ? co 

S s^ co cO "^ "H 
2 1 cfl j3 cD-rj "S 

92 cfl ^ cfl g co-g 
h 2 1?.S 3 co £ 

£ <2+3"Et3 2? 
.3 • - o l £ b « 

^,.2 3 ftcoJS-fc-cy 



^o 



.i co-; 

S c s 

■5 § -a 
a ™ 2 

cfl cd 3 

cd »<§ 
1^| 

'Ct3 O 
ft CD bo 

ZTa 

5 u o 

> CD © 

T3-fi 

8 >>K 

a 2° 
g a 

.3 co "3 
53 13 _cfl 

>>8«5 

"C ° 

- is cfl 
'^3 



a ft2 
P- 1 a . 



a ^ 

O f co 

i?o§ 



cd -y 
"°§ 

-20 . 

„ Q,M 
£ ° 3 
CQ^ cfl 

Q 2 ft 

e r °-2 

ok£ 

0.2 3 

CD.-y ■-• 

cd -52 a 

i '3 Cfl 

9 §*^ 

5 U O 



03' 



.2 CD_g 

o ."3 
+i 3 co 

Sgcfl 



«13 



£5t3 



3 O 



co _ a p 

• rt CO *^-M 



iS -■ 



^3^ S-O 



3.3 m ~" 

f EJa 



>< Cfl CD 

R>a>ea-S33„aS 

-gcO-^acflCUcD!, 

aSogsig 



cu.rt -S d "3 

-M-a-gs 5 'a 

2 £ a-3^ ctj 

3 jB 3 33 o 

$'o~ _,'g 3 
CD CD "- 1 G .3 

3 co y 6 * 9 "© cfl 

•23 CD co^^^ 



3 a 



5 JD 



CO ft £ 

c Sa|0 

ft cfl ^ 



*? "3 3 (« ^3 



.-S-5 s .e g^^^l^ 



3 cd_c| -3 co 



022o-Sco>H'-»-!a 
> 3 g'o - J3-CDCDi H _,* H 

jtXleo-^gJiS O 3 j^.2^ 

iS-aciJ^cDCD^d 
- ij aj 3 >• g rt ftZ < 

XCDCDS.HSX CD 

CDObCCflcOCflCD -Q 



■2 d fe> 

go 42 
•s cj-a 

e s a 

£- s -2 

fc -3 3 
cu CD g 

13 CTc« 
!h O O 
,0 Cfl 

n-l "3 CO 

12 a co 

3 CD ,3 

08 g 

73 .& 3 

8'3 & 

MT3+ 3 

C*-i CO -^ CO 

ti_ 3 "3 *-• 
^ 3 CD 

°^ & 2 
CD ° 



« b °ciS 
-a 3'-S 
o o ° -a 

3 3 3 

ft cfl -a, co 



CJ t« 

XI fc, o • 

"111 

.a «+3 

H8«'3 




<; S cy o, 

:sj~ cj) id 



"3 

CO 

o 

o. 
o 

h 
ft, 

X 

*C 

est 

E 

u 

"3 
-e 
O 


c 

CU 

en 

CU 

a 

to 

a 

CU 

£ 

CS 

CO 


5 

eu 
so 

3 
O 

S3 


Same as present law except expanded to 
include certain non-GSL student loan bonds 
and all bond proceeds (other than costs of 
issuance and amounts invested in a reason- 
able reserve fund) required to be used for 
purpose of making student loans. 

Effective date. — Bonds issued after De- 
cember 31, 1985. 


"3 

GO 

o 
a 
o 
u 
0. 
ai 

S 

D 

*CO 
S. 


a 

CU 

S 
a 

u 

CU 

> 

o 
bo 
C 
o 
a 
u 

a 

s 

a 
£ 

CU 
X 

CU 

M 

CS 
O T3 

Is 


■i 

cS 

J 
c 

CU 

CO 
O) 
h 


Tax-exemption is permitted for interest 
on student loan bonds issued in connection 
with the Department of Education's Guar- 
anteed Student Loan program. 


£ 


CO 

e 
o 

e 
a 

C 
CU 

■w 
3 

CG 
c>i 



3 o 
O cS 

-a a 
cd 

c3 ° 



ap 



3t3 
to a 
0> cS 






3t3 
x 

.2 ^ 

<D 
I bo 

L 3 

tu (0 

-S u 

m 

■2 >> 

!'§« 

3 S 



CD jj to 



x' 



bocs .« 
3-££>cycD 



s ^ 



in 



is S 8 § 



S3 

•Si 



3 | 



5TJ-SB 



3 £ 2 



u o P ■ 



4) bC.O 
a "J M 

o.s -" cs 
"S ° ^.2 

s 3 S g 

H 0« 

> P CD. 

i> Si CI ■ 



5-3 s.s 

5 P,3<£ 



3 8 - 



r r^ ^* ^ 



• - a-a 
■» 3 

OJ Jh c 

3 3 0> 

o a^ 



<J 0) 



rn « M 

s-a 
o »--o 



o 

J3 

„, OJ O) t 

+3 cd 



a, a) cS 3 3 

bo_e cd 2 

-. Sr-f! to cS 

CD CD 



* °.S. 



to \ 



"_j r o H ~> o ^1 



'o-3 o 



0) O *-> Si — • 
CD Xi <— v ™ • - 

.3 cs:a S'O 



"£ & .g is g 

° ass^ 

-£ -3 2 3 

3 ^ > a 3 

a, "3 S^ £ 
S o o o 

gall's 

03 Si O !h 

sd a o <D 



-a -a— 






T3 to > 



CD bo 
to cfl 
be 



SoSS^ 3"5£^ 



£ O CD CD 

53 2 ,i= 

C3 O 






£> J- » ca 



^ A 



J3 S a S 
■»qu g^j 
i=! ^ * " 

<ST2 CD O 

CD to , 

■O t3 ° e 

c'a-S § 

cs a* is o 



£ S P « be 

SS^- S 2 
-q ex) >.„j3 



s? a> 5 

^ S 2 s 



2 a> bo a 3 



» o o 3 a 

cs -u a o 

cd .3 S . 

IhT3 „ > cs 



s^.s 



CD fed) 5 bpOJ a 

bo ft ^ g ca a a; 



iS^ o' 



»S m 



-ss s' 



15! ^ 



5|3" 

- <U CO 

r3 _, 3 

<J 3 p .g 

8^5^ 



T3 22 05 CD 



(S « I S'.H 

I « " bO 

CD CD -w to 

o £ ^ S § 

•a it -a 

° cu S 1 ^ 

tfi> T3 bo S- S — 

3 cs -w ooo 

.S o 3 ftn 



bq 



-2 * 
"csS 
a>-3 
acs 

CD a 



s>» 



O C 

^x> 



03 3 



O 3 to 
OCS^O 



a>- 



OJ 



bo 



cm S b 

-— ' o o 

-3 S 



cd tr bo 2 

m S Si, a) 

3s2 SP^S 

to bo a 

TJ 3 CD -3 



bo £ CD ^1 
03 2, u 

boSf 3 « 



' CD CD 

oj oo ■ 

rt 3"to 

a> FJ ,3 
■5 C 

"8 ^5 

u to ^ 

in y o 

CD CS i — i 
ft CD 

CD 

oi o a 






o cS o 



5S la § ^ j- 



_ bo 

a) o I* a> 

o g cs to 



"3 _e a. 



O D, 



3 en 



CD 

" ° 3 



2 rt ^ o 

cd a -^ 3 s 

S 3 O, c3. 
03 to CD t3 

-3 CD p CS-S 

9 2 S? cd 



CD ^ 

in a 

F-i O 
cS-O 

'0 O 
3 CD 
cS to 

3 



cS cS 
3 3 



cd g a 

CO £ CD 

SOI. 



'55 

< a "^ 
> "3 a'- 

J CD CD g: 
-5 to O 
J3 3J3 



CD CD CD 
b-3 " 



.SO OJ CS 



T3 a 

8 CD CS_CD 
CS CDj3 CS 

3 a.w o 



S2Sh3 

2 03 _, 

3 CD g 
*" to ^ O 
o^H do 



to ;_. 



£2l^ = 



3^c3fe3g^« 

<u ° 3 2 B^-oTcS 

5 3.SH.tn g" 1 " 

ODfto— °,acS3 
b CD'S S^^ S 5 1 



-a to 

£ CD 

'a a 

^ S 
™ - a 

2.S 

Cf Si 
CD 



O to 

-oo 
O 

2§ 



to 




3 CD o 
bo CD 



no 



■SSs 

J a> 






3 *, 

2 o « 

e •» a 

a> x Si 

«.«s! 
"Si 

CD "3 ft "> 

o d 



"3 

to 
O 

a. 
o 
j. 

PL! 
CO 

"c 
E 

Si 

"3 


ft 

iS 

3 
o> 

CO 

CD 
'm 

a 

to 
cS 
0> 

s 

C3 
CO 

e 


Same as House bill, except 95 percent of 
proceeds rather than 100 percent would 
have to be used for qualified activities. 

Effective date. — Bonds issued after date 
of enactment. 

Transitional exceptions similar to those 
provided for exempt-activity IDBs (item 
B.l.a., above). 


« 

CO 

3 
O 

a 


(b) Same as present law, except consist- 
ent with rules for other nongovernmental 
bonds, all bond proceeds (other than issu- 
ance costs and reasonably required reserve 
funds) would be required to be used for 
mortgage loans to qualified veterans. 

Effective date. — Bonds issued after De- 
cember 31, 1985. 


Tax-exempt bonds for section 501(c)(3) or- 
ganizations would be permitted, as follows: 

(i) Only activities directly related to, 
the exempt purpose of the organiza- 
tion could be financed (for example, a 
hospital could not finance a doctor's 
office building), and all bond proceeds 
(other than costs of issuance and pro- 
ceeds invested in a reasonably re- 
quired debt service reserve fund) 
would be required to be used for such 
activities; 

(ii) In the case of section 501(c)(3) or- 
ganizations other than hospitals, the 
aggregate amount of outstanding 
bonds of which each organization was 
a beneficiary could not exceed $150 mil- 
lion. (Generally, rules of the present 
$40 million limitation on beneficiaries 
of IDB-financing would be applied 
under this provision); and 

(iii) All property financed with pro- 
ceeds of these bonds would have to be 
owned by a section 501(c)(3) organiza- 
tion or governmental unit (using Fed- 
eral income tax concepts of owner- 
ship). 

Effective date. — Bonds issued after De- 
cember 31, 1985. 

Transitional exceptions similar to those 
provided for exempt facility bonds (item 
B.l.a., above). 


"3 

CO 

o 
a 

o 
hi 
Cl, 

c 
a> 

!S 

"35 

Jh 

0- 


3 
m 

6 

3 

Sh 
CD 

> 
o 
bo 
3 
o 
3 
u 

a 

3 
o 

3. 

6 

0> 

X 
0> 

X 
cS 
to 

zg 

cS 


3 
Ol 

£ 

3 
j- 
0) 

> 

o 
ho 

3 
o 
3 

3 
o 

a. 
6 

O) 
X 
d> 

X 
cS 

** o 

J3 


is 

SB 
J 

C 
01 

CO 

V 

u 
On 


(b) Qualified veterans' mortgage bonds 
are bonds 90% or more of the proceeds of 
which are used to finance loans to veterans 
for the purchase of single-family, owner-oc- 
cupied residences. Tax-exempt qualified 
veterans' mortgage bonds may be issued 
only by the five States that issued such 
bonds before June 22, 1984. Mortgage loans 
financed with those bonds may be made 
only to veterans who served on active duty 
before 1977 and who apply for a loan 
before 30 years after leaving active service. 


Interest on bonds for nonprofit organiza- 
tions described in Code section 501(c)(3) 
generally is tax-exempt. Bonds the pro- 
ceeds of which are to be used by these or- 
ganizations are subject to the same re- 
quirements as bonds for general govern- 
ment operations. Examples of organiza- 
tions benefiting from these bonds are pri- 
vate, nonprofit hospitals and private, non- 
profit colleges and universities. 


E 

01 


§ 

CO 

S 
g 

« 

« 1 

:ss-c 

■cS 


s 
_o 

u 

0) 

CO 

•^ to 

<2.2 

*o CO 

c.S 

o s 

-O CS 

■m be 

« 

e* in 



"£ 3 S 
o>.3 3 



» S > 
sfip 

C ft bfl . 
13 o 3 o> 

CO® ^ ,_l 
T3~ Jo +p 

5 >h 01 e 
pO-3 3 o> 

-p> 3 «, X 

ca cs g o> 



^■e ca » 



2 '55 



3 ca of 

CT 1 01 c 
O Sp o 



dot* 

01 ^"ffi 



O5,o 3 

ft.8.2 

01 

0"0 3 

x Si - 
oi 3 3 

_r 3"" 1 

31 01 01 
01 01 Q, 



If 

0-3 



o-S- 



ja.S 
"55 £ 
> o 

01 — ; 
13 "3 

ai Oi 

M 

Oi t3 

r3 ^ 
5^ 

^ 01 
t*-< Ol 
O 3 



f3ffl ■■ 
(—1 oi 

? « & 



O 01 = 

.•§2 

33 3S 



2 oi c 
P 3-.n 



Si- 



's ,2 



ca 



oi M 

6 " 



c 
„, 3.9 >> 

S,u oi p 



H 



X; cq 



c^ ca 
'3-o"E< 

oi.a g 



1-1 e ■* X 
ca S o-Q 

3 D,bD— i 

is o c « 
oi § s 

+p > •"• CO 

•T-J ^ _Q G 
V m P" 1 r-i 



p=t3 3 £ 

•pAlP 

ca ca o 5P 



flSC.oiB 



° £ ® 3. 
oi 3 "C ca 

« * & ffi 



p3 3-d 



E _cu . 
oi cuts 



oi > 



oi +p -3 
oi 3 bo 
o oi 13 

£6^ 

ft ftTJ 
_u O 01 

all 

ca oi oi 



111 •>. 



CO 

£ ® £ 
.-3 ftj§ 

ft ca 



"3 _£> m ® 

•i§§i 

■3 „, oi - 
in T3 Ol 



ft-9 S 



-3 ® 
6 

p3 »3 



H o 



•3 «p3 



ca^ oi oi _ 

— '01 oi "H 

'S2 £ >> 

3 3^"S 
'c£p3 CD +3 p 

i -p3 01 *- 

J eg _ bD ca ft 

ca.s u oi ^ 

3 



<3p3 fe"S.§ 

ca > °-m oi 

S £ 5° 2 t* 

^ to 01 3 oi 

o>13^.SPp3 



,-, ca 
ca ft 



t£*t "I'll 

SS-SS ffl S oi g.9 



w oi 



5 °353 01 • rt 



S.S^ca.S 0.^ 



01 & 

> o 
01=3 

Xlo 
01 03 

0153 
£ ^ 

'3=2 
cy 01 

O 3 



01-0 

U O 

ft o 



-^^ 01 
3 jOOS • 
.3 01 

ca-o 3 
3 01 ca 

O cj-w 



"oj 01 

► & 
01 o 

01 c3 

I u 

c 



3 oi 
01 01 
ST) 



fe"3 

41 53.3 
^ J3 3 
O +3 3. 
bo 01 O 5 
•3 3 ,. ca 



p3 jh- 

"" 2 ca 01 
01 a" as 5fi 3^ P 

s « > p Spa ii 
-" o5 B 2 a 

-*P> tn P3 , — 1 

• 3-3 p 3 

. .„ ca s- 01 



b' ft' 

pO-3 O . 



. ai-3 ■ 



rS£0? 



01 >> 

3"S 
ft ft 
3 £ 
8 & 

°-a 

01 ai 



o g 



^5? 01 

ft 5 :3 *" 

ftS 



p< 3 

cr 

o o 

f-n 3 



£3po«r 
S ai 3 

pO 01 s 

&ZM2 



01 01 ^ 

*- S 01—, 



>h ,S 3 35 ai 01 



3 
ft 01 



§3og£ 

^So>^ 
^ ai bo fe 2 



O 3 



be ai 


3 


3 






3 






3 






> 









-3 




G 




O 

-O 


0) 






3T3 


pO 


c 



3^ 



Q 3 



a, 



tt 



C 



K-a Sg 
2 ft.S ^ 

TO O gin 

g- ft £° 

.H°0)«1 

^ JJtl o 

"3 ^ & 
^■^ .„ ft 



3 2.2,o 



ffiS. 



cS 



cog.2.2.3. 

^O J cj 3 



33 -J3 
•SPd 

38 



ca d 

aw 
.^33 

<'c3 



o 1 - 1 d . 

3=1=3.5 «! 
0) +j g 

g X CD -l-> 

a) d 



* 2 



Sjjgpl 

-d.Slo 

-^ 3-3 

lg'~m 

Gti-h C M 
<u o 

^3 -£> d 

gsl 



C en 
OT3 

.Sh CD 

-« o 
|l 

2^ 

ft£ 

J3 O 
T3 * 

3 3 
O a, 

.2 § 



_d 






», 



n ft ! 



43.53 o"E 

a ft 3 
32 >>3"^ 
^ftt? 



QJ as 
> 3 

QJ CO 



2 ° 

■-H -3 



o*.a 



« d TD ca k- u 

■e c * 2*^ 3 3 

2 OT3 G^t3_ bo 

*" £0 o-g-o 
Ǥ3> 3-3 d33 

~ S-fi.2 §0 §-* 

-2«~ d^ 3^ S ^ 



3 ° ."8 

tf*t 

h ji C 3 
nj m O J3 

■g&|-s 

S Q..SP.2 



.3 a>gj I '-s^-ss 

aim .5o° d f. 3 fe 



<rt ° 



2 3° « K 5 « 

3ft 6m5^ 



Q «2-^ 

W CD g C3. 






<o ° £ B 

*, £8 £ 
a) - ft 



CD 



Si — (D ~H 

"°"B - 

aj d .- d 
+j a) >>sa 
-S g "C £j ca 

-Q S o g o . 

> fe o d 

■g hB « § •£ 

bc^ _-2t3 Sh 
ca tf fij3 CD 3 
S fe ffi 

CD ^5 S-ES 
-do d 'h co-'H 
E-i o ° co _, 



•3 si 



CO 

CD CD CD 



2 c 

43 CO 



X Sh • 



^O CD Cfl 

SJ3-" 



J1 
d « 53 co 

III 

.2-2 O rn 

^> C .2 

5) O+J ; 

T3 cp +j cSXf 

S^5 „.-e d 



■3 AT3 
CD g CD 

43 dtrj 



• A <" 


i^J d 


co '3 

CD 4h 


33- 




ft co 


n-Q 


fe r 3 

o> ? d 


2 


-*3 2 


i-^- 



CD 



CD' 



Sgft5c^ 
n'r? ft^j O 

!■§ * a 13 



a 5 - 

— 1 s § s 

&32X1 ft 



c3 

•age 
S 0,0 
5° 

J3 CDT3 

> CD 

T3 CD 4J 

0JT3 2 
'S CD 3 

ft g U 

Gt3 d 
?j2 8 

CD 33 

d ca j- 

O * . 

85 "8' 
"S8. 



d. <+; ca CD -d bp 
■- 1 °T3 -!fl ►$ g, 
>j CD CD CO M 

g si I'-i g s 

f 2 ft-3 M -J S 

.2 g • S 3-S-o 
sa^^ SgiS d 



^* -2 C8 r 33333-rt 

» -Sg.S-1 2g 



ca- 



-033 



a B ft-S M a 



:*3 ca ft cd 

> J; 33 S-33 



C 
.*> 

S 2 

cu « 
Qg 



11 



<V JS.T3 .i. C 
J-T3 00 % O 
O (1) co ro_ 

o P j>fi ca " 



p cu.fi ca 5 fl ^2 



,T3-C w 

c oo„s« 
> u^ Efi ob S 

Ofi^ 3 £ 9> > 



m s a 2 -j 
318 g 1 i 



lis 



3-5 Ja 



a &. 



^lo £"3 - S 



.2 <u-c_ 

•c S-^.S 
^ a, ^'o 
y o s- 

cgra'O CO 
.... ►* o C 

I1|§: 

O _ e *-' In 

S^fl ° 

Ma 



J 03 g 



£$ 



J3.S.O «' 



H g o 
EC o 



Ms-Mi 

" ^ O 03 T> rf 



a 



■S-B.S £3 § „ 

S & o r i >v£ fi 



c_u ca 5 § g 
c3T3 3 oo « Sec 
£,2 h o Ofi cu 

■S S o >3 b£ca 

<3 h*.g S s 
-g,c °2-s.5'C 

8 JS.'K: « 
^^T3 * _T"K oa CD 

Slg'Sg|-g' 



g^ g 



ca 2 



«o3 



■J S.-S 

ca q 

fen's 



«: c£ 






u 



X3 


a 






s- 


_Q 


f£ 


G 
O 


cs 






crt 


s 


N 


cd 


CI 


i/i 


Rl 


0) 


be 



ffi 



'_,— CO 

n b,2 rt 
I <s £ b 

•81 i 

a C 



0) 



S^ * a ^ 

■ B o +» 



<D •-* ■ 



O 81 g 

%H 

U S-i -u 
+j CD co 
co _S 

u S a 

i a J2 

lI'S 

CD*" o 

£3 
a B >> 
_■ cdtj 

1) a 13 

+3 Lj HW 

H > '" 



CO 



d be c 
o cs g 

B bX)J3 



K3 6 



I J 



^ CO 

CST3 
t PI 



g-°3 

co— .3 
CD CO B 



£52 



o> a 



--5. bC CD 



2 C co o B 
Q o 2^.2 

■43 -B _. ."B 
-O ° fa c 

.sls§g 

40 co^+j eg 
5 8 c -8'e 



CQ H co 
T* CD 

'.io o-- 






Sco-^ CO g 
■s a .2^ 2 

K) 6 is'S t>^' 
CD<2-5 CD™, 
o Si-B co pa 



no "B 
Q B 

B o 



co B 

CD CD 



^a ss 






s^ 



3g° 



CD o5^ CD 

S x B a3 



.i CS h? * "B o B ai^fl'g 

« 2fcsBg<o2:oT3B 

h c2ga«'5 w 

bo B >rf Jh jj fi co B — 2 

u ^^§« °SSSo, a 

a w c cS d 2 ^.3"° S fe 
3 S <d S -5 §-^^5 o3-2^ 

a 3 bOT3 cs cd ire ^2 3-o-B 



CD n 



CT* cop 



O co CD 
O CD CO 

'-. cS 

Vj«£ ■ 
to 3 g 

a'* ff-3 
SP jB * 

2cot3« 
=B cd CS 

l -9'S B 

^ a 2 1 

a 8 »6 

"« CD <" 

Q bobB 

cu b a 

™ fe : 3 8 

■42 aj jH g 

o =4-1 cS CS 

^SL 03 B h 



Kl 



mC 2 



•? o ■ 



0*0 



OT3 
^g 



OT) 

S5S 



2 S 



C4H. (D J 

t^^ B, 
rvvn o 
•15 O Jj 

1^^ 

CS CD CD 

SO O 
sh a 

^§ 

CD » C 

bn_ jB 

g^ a 

TJ 8 2 

.5? -go 
g a 



^ ^c£ 



,9) 

~« § 

" CD - 



« cd a ^'43 
» S-2 2-2 

••H >H .(J 0-5 

. Oh-55 cS^3 

^ S Big Is 
g-B 0*^43 
5S "^ U CD CD 

a^^-B^ 

CD • ^ CS 

a §1 y^ o§ 

-M_to"C Q > < la> 

""fiS» M .S2'° 

CD cS o,+j -Q 

^cD§-5-|g S o 

^ 2 «> ?? CD J) 3 t-i 

es;| ^-^ cS'b 



CO +J 

cd a 
S 8 

rB CD 
"3 X 
cS 9 

Sh CS 
CD -U 

CD 0) 



-~ _L CD kJi 

03 CO « 

a a a =p 

cdjo _ a 



8K B Ox! 



-S§S ^3*6,0 



-o a -a 



'b-E J 2 b 

O *3 CD* CD 



CO O >, CD , 

rt 3 B.JJ 
cu 3 T3 cS o 
J2 ft« 3 > 
^_ O co cS 
CO p, >> 
S co P. >vf 



T3 Wflj 

S-B ?3 J3 



cS cS >h 

o 3 a-2 * 

ffi O 1 -) CD 



cd 2 a a5 

M - cfcDT, 

C0T3 Ss^ 2 
T3 CD^cj "^IB 

8 S ° b^ 

2 CD O CS 

■" « >>+j 3, 

ft£ 5 S S 



cS'B'B.S a 

^ £ 8^.2 

in IB ST CD 



a tl 

S 5 ® 
SJ5 § i 



hi "O 



O © B 



5 £"£§> 

— oj 4) s 



"Sii 

K i 4 
8 (5,6 

e e.S 

o « S 

cu :■* 

Hs *• S 
1-li.s 






§5 



»"S 



* e b 



<_. a 



-a 



3 -C 



B CJ3 f*C- 
3 fi o CO r- 1 
-2 ftto o „ 

3 > ca a Jh 

S_2 &,S S 

+j g; (Qh rj 

ft s« °so- 3 
0-, i cu _ a> 

(«• CO '5 -^ CO 
C0!*3 O &P 
-.33 -lj CO 

cu a co .3 co 

O m J h Sh 

tt C-C co <3 

CO O "3 S-> 'U 

cS-° o^o HI 
S.5 to --113 

=3 JS'S-olEs 

-fi_Q 3 & 



'to I r! 10 J. 

gT3 I •£_ ca.3 

», O'S l> CO 



sj 



°s 



Sh co fi 



3.2 



||£^g. ft c3>S 

s_q s-a S a £ m 



M^H ■ 



u S M 1 

0) CO s 

ft to O 

co co fi 



a 

co-3 . 

"3 " " 



co 2'. 



co .2 ft—' 



co to-fi to 



co S-a^i 



"hD-C >>.__. o-S 2;^ "3 



a ° 



CO CO >* 



>a--g-Sg a .g 
13^2 -2&^ 

3--h co-a 2 ° 
fl ca_ to e -fi 
3 -w nj co a +3 CO 

B fi U m-O C3 

«Sg;§-g83a 

-fi a E^Su 
Fgl 3a « Jj 

I CO Sh „ CO * 

> co to_fi j. *■ 

§^ fi-^g-f 
*5 5_c a a a 2 

So j< s £0.3 n 

b_) fl 33 CO > -^ LO 
^3 & 2 » ^ 



co 5"co J_f 

-° a"S 

t- a o 
2» a a 
-30. to a 

3rH 

> n^ 

> C0J.T3 

_, tt3 3 2 

rS_u <B J 

j5 go 3 
.-S-g ■ cr 

S-ffl fe 

- g g h 

."S co a 

ft ft co 

S^ cS g 
■ ft-e 



CO O CO CO CB 



6© 



a ° a a 

.2^ X co 
.J3 co-^ <V"S 

a f_i o u i a 1 

a ^ SJ 

_ T3 5-3 -u -Q 



s.3 g^o^; £ 

CO T3 >H — U"* 

cocotu.3 fc>£ x1^3^.rt 

o S c a *^ ft >> a>-2 

-" S _ t*- O ^ . COrJ tn 

cs a o «o g §^ 

3^*?. a js 

C44 a « 
s^olgo 

I ° §-2«^a 5 

S 2 * ft-fiJS o 



CO hB to 



>> C.i bo co co- 



§.3£ 



o 2 +3 .3 S S.-C-2 B.S a ca.2."tt 
u -gs > g^ 3 g-a ^ l,-5 3 p 



g S^m.S & 



.«s3 a-f. 2^ 



c/3 co bo fc 

r s- a 2 

CO .3J3 



W 



co S-^X 



^ a a 



cs ca^.o > cao s 
cocc E ^ 2-r ° 



ST3 § & 



S^a)^ -a jo 3 
' -aj-u t3 co a >i 1 

)ri d* 1 C-w « (! K 

3 g 2 3_s 2 1 a 

co -u fi C. T3 C >i-M 



C 3 ra 

O - -^ 

e ^ 

o 
'■S fi 



73 -S ca £ 



cs a 



^ -A 33 ^o ; - 

« g «3 a ^ ft*-J_g 

2 a to 2 ». -a 3^ 



a 5 



si§ * a"g"g 2 g oVS-S a -43 a 
in i e s«o a0, i2 t s|fi S .g^ 

gag !*.§.§.&.. co a-SSgo 

S O "H __ s- f_ I 



fl-2 -S C o 

3 3» 



.-Ots.s 3-2 m c'O 

S3>,2 m g->3fi 



^'sS^&llO'O'g'slggg^^^coog 



0-13 



co_S C 

J*! 

„ ca as 
co^^ > 

3 fi g> 

r3 CO C 

O co O 

> co a 



""Sft 



•« -u co -a 



co ft Js 

&.§ 8 



IS 



fi 5 2 



fiS^ 
2S^ 



" S-3J^« 

op, 



oca bo ca o 
6P.SS0; 
ca^H g bc-g 

X o -,* 

I « 0, 5 

Sg - , ao 
c ca ca co 

-3 to fi ■ g c 

£■&'$. to co 

Bin 



T3 CO — 

2 ^ ca 

-3 O 3 

™> to 



CO to bD_fi to 



>> CM .COCO 



2 8 

C" 1 fi 

O ^ 3 

catt-i o 
.ia ca 

go"S 
•a o to 

'^ 1— 1 fi 

So" 



T3 CO 



^S3 

Ml 

** CO -3 

-111 

CO ->J "^ 

. j3_. « co 
3 3C3.2 



s 


uj 


J3 


a 


a 


CJ 












3 


0) 






T> 




O 


rrt 


a 


ca 


> 


-H 

O 


> 


m 


X 


3 


O 
















n 


is 










CO 




u. 




CO 


C+J 






3 


a 


XI 


CO 

-a 




,> 


ca 


CO 

> 






m 


ca 










a 





CO 


ca 






ca o o c 



g.S2 o-fiOJ 

■J c^^ a 

q O C 3^ 



<e 



5 5, 



ggas|a^^ 

fi OT co >>2 gs- 

SllJiaJf 

§Jcb°T3- rt -b B 0'S 

a e » § s s" 3 1 

*■« *a-fi'X3' Q l 1 ° 

J Q"m 5 boS'fc.2 ^B 

j:gg§s' a S-e , J 

cotSiac^ofica 

: CO t* p_ri^tl-~ >- r/i 

j-s-sll-fia-g-Sj 

*? > S, 1 ? a) o o- : 

jCfi O -S W CO O O ft ! 



32 



03 



Is 

fi 



SP iS 



3 

<3> 



2 §>3-£ 

§'3 o m 

l> o 3 0) 

O bD-u 
•J3 >>CCC 

111 1 " 

S3 -w f* 

I s 1 1 

'*-> o> fiis 

9' a >> 

® o rt 
CO ^ 0> 

2 £ > -a 



£Q ■ 






to 1 *- 1 



PQ 



£3<+- 



SS^; 



s co a oi „, oS 
-L-_ o> c oi o> _3 «?> 
Jb-a >,So be" 

b!?o>>fabobpo 

< £ *h M D. g bc^S 

s " & SbS S^ 

°o*-S^ co V 

b» 3,3.8 •&! 
a £t3% «a>sfe 

SgftS3l- 

.il J3 w a co o 



to yS> CD 

'Sin 

£ •** 

i s « 



o ~-u 
300 



a* o 

t^ls 

gc^c 

.Asia 

togg 

I m OtH 

a§S§ >><^ 
a cao] asn e- _ 

c a <o I p P s 
^WSct; fe-fi 

C'cm CO co CO > £ 
O6&-0 co bo o^ 



i >2 

V. C3 rt 



o .„ 



be 



-Q fcT !h 



bo 






M--3 



o o 

j a 

-'2 

S £3- 
- o CO 



a oi o) 
°-££ 

CO 



"■Is 

• - 1 CO g 



aj bpS 

O £3 bDO) 
tW g-g > 

13 O 

2^3 M oi 

< o> a o) --j 
"22^ g. 



" O £3 3 

la>sg 

3 S3 s-, cu 
co bo CU-Q 



■si & ».. 






1313 i >v t H 
O 2 C3 > 0> 




^ *-b"o - a 

c3 s el >^m 3 

^ co o^h Q c 
.2.Q coH.2 



o> 



> .a5 

Sch3 ^ 
bbaT3 5 



I. SJ o.| 2-2^ 
« S S -o ^3 js rS en JJ , 
bc>>'co^3 a a ^ 



CO o 

e s 



Cm 



II 



a c 
li 



Q 1 






6 | .2 
~ 2 o 

H8 



to ft-3' 



.2 J2 o 



. £<2 



't3 a> 



£ S 5 

Co S o 



« a. 3 2 

... - CD S> ^TS 

m - g fc ° -a a 
3-° Sf.8 &S. 

n £ E^fl *•» 
£,£ g-g o.oxi 

to Cm CD 4) ■*■ CO 4) 

-a SB >s s 

dj CD g-^T-l 

£ 3 Pro -2 to' 

i, dJ.-J O W.-H QJ 

£ is S.S g:s 



— i s to M >~ 

CO H .CD CUXJ 



£S £ >£ l-o 

T3 P » i D 0) S 

fll^^of- 

S CD O-— ''cS S 

03 •= § 1 " °£ 

oi S ^ y 2 to^ 

.2 3 c2 g a a-s 
.-s 2 « cd c s 



cd <d ca 
ca ca j; 



S fe5 



S ® fi.2 2 



,-m 



]cn 2 B a oS3 



CD 2 >> o"^ CO 

^— ' g B o CD 9 G 

° cd S js 2 o 

bo bjD.5 33 43 o 



o B'S 
x Q..S 

ca^g ^Mca 
*3 cd-5 2 



S > a 



^T3— 'S OS 
„, cd ca [h * M 
Sj=.2 » fD 
f?- 1 to +3 to c > 
H^3a o o © 
^-o o a '£ ■** 
.q ca ft^ io-G 

"-"«. m g-g.&p 

CU O Oh C tO 



caja cs-g 



o oS V,^ 



ft ft 



h&-SS.8.1 hIs* 



0<J < G 3,- 



> S- O 

■g G bo^ ft 

• ^ G -^h CD O 

JO o'g !> CD 

S & * ^.2 

w ^Ji^ C8 

O 5h ^ CO j*J 



-OcS 



* S G 
CD.O " 



CD-S 



rC F7-J 

.CO'O K 



m'S ft CD 3 

ftxi o o 
co ca bo > 



F 


to 




T, 


to 


P 


3 







> 


CD 


--H 


CU 


(-1 


o 






t« 




u 






cfl 


3 






OI-3 


a 




CT 


ca 


Cfl 


G 




t/J 


a> 


-C 




X) 


"S3 


CO 





CT 


■^ 




J-l 

ca 




>. 


Sh 


CD 


■^ 








- 




ca 


G 




~o 




o 




05 






C8T31 . 






^Tl 








G 




"3 

3 


"2 


ft ca 
ca A 


_g 


O 


^H 


> 


a 43 


c 

O 


S 


1-3 




(/J 

to 


CO 


o 


-" 


03 


c 



§ a m 2 S G fe 

•2^) ca > 2 S-S 

*• , CD cfl G Jh CD 

S I ~* ft^-o c 



! to cfl ^3 c8 !- S .« 

■ •"S S.ea 2^ m-^ 



k- 8 a 



^h^^^TS 



riJPo' 



ij: oj c s 



2 G cfl 



° cflcO 



s a 



oil 
cg.2;S- 

CDrt m 



h ts >?; 



co. 2, M CD — 

^ 2 2 & S 5 £ 
fe-o.9 a go; 2 



! c G 
)3 8 



2 2 C £ 

f oS° 

o ^^^ 

fl 2£o 



l^'G o S 3 !> - 

' Ojfl.M^H o „ p 
1 te " .2 



5 -a fl 



cfl cd 2 n2 .in .S --h a o-S 
o.SHft—Hj-u o G o cfl 



St J 2 S^ 
ft 2'g-S a „, 

a G += G CD 

to a .c c g 
.2- ~-S'S.3 
ca § cD-g 2 



O 



"2 § a c 
a. 2 ca m 






cfl"? 



bo 



g a g 2 so? 

§ 3 £ C H 

a- »T3'2 >> 

C3 T3 CD G u 
S) O cfl-O 3 

^ -e bjo a 3 •'oo 




t,_ — CM CO -g ■ 



a 


c 


F 


o 




23 


J 




OJ 


ca 


E 

3 


c 
F 


O 
> 


c 



«S> ca 



E S -2 """ ' * 
5-§ <a 



«H & 



3-3^ « 
' 3,353 
oj u m 
ft 3 



S ^tj , ~ cdj= M 

£ 5 k, » O 



? "5 cars 



a*s 



CD 3 



c.S 
PQ <d- 



H' 



r a 1 fcf 

► o , i ctJ p 

> cd cs-^i 

! Ad $ in 

) » 00^ o 

^'§■5 2 



:«s-s 



s ft 

a g 

CO 



tq a> tq 



M»' 



& x 



*-. cfl cfl 

o ^-a 

§S cs 



j3 C ^ o 

■SS.83 

e 0,2 

o.Sf-3. ft 

a) 3 cd ° 
&gfca 

m .3 +J M 

. £ s £ 

i o« 



J. t H co T3 co >> 

go-rt a3 M°oo 

rii o . „Q 3 £!,_, 

3 >- Cfl pj 

£ CD^ 3«2-73 SJ 
^ o-rt i cfl H 

^ s£ a-S &<§ 

3 £ O CD -3 > £ 
CD 3 , , o-c o 

-■§ 

£ " E<2 fe^<2 

S "S-S So * 
M"o cd-Q fe £ ir 1 



c S o 

cdt3,3=+3 
ft cd " 



,£> cd 
§"S 



^ I s si 

e 2 8 °r3 
.2 -e cu-fi 

" ft 2 ft-^ 

., »3uU 

-^ TO ^^ +J 

j3 e o> ™ 

bcj3 o 



co .i 

m +-• 

- 3 

a ."t3 
oo S 



s s 



ft 

0) O 
fl CO 

S. « 
bo > 

CD > 

Xi 



t®-^ a £• fe 

Ig.-ft-g 13 



o fl 



C3 



0J 



S^H g .2 
cu-S 



22 <D 3 te 



2§| 
I - 

^ o^ -*J 



x c w 

• rt o CD cfl -a 
-giS-A h CD 

lftg2l£ 

W O CDLO 

- S oo en 
co as cd 



03, 



cfl 



■3 "5 






fl"* S 3 



e+3 

C co ' 



C - - - =3 
O 3 CD CD j- 



i'si'Sa^s" 

^^ ca^.S -a 

^ O .42 S C CD 

3 >,_. 2 3 +e 

o »-u3 c ft 

-o S^ ft-S fe-^ 

<" g " CD fe CS-O 

^ S'O- 13 ^ . 3 

-y ft j -w >, cd 

•3 CS J3 CD ft > w 
3 en's P n 

.§foj <u^3 ^g ^^ 

S J2 ^3 CO ft OCR 

IS +3 <d cS cS > h 



,S^ tn43 

a cd 

CD cB^l? 



^S^^S 



13 CD^-C 

2-SrB 

CO 



ft CD g 

^■2 



CO -y , 
T3 cfl , 
3 m; 



CO 0*e-0 co c 



S'eB-'S « 



<d .; 



«5 



CO .15 

■a .1 



43 "2 CO 

53^3 3 

^ Sh -w CD ^ "S, 
03 CD S IO o g 

a £ 
.3 o „ 

CO J3 Cfl CD 
^_g ^ 

o>-S,o 



cu 



T CD r3 

£ ftfi 

1 co g 

3 n £.2 

2 CD " -^ . 



R! -o 



F 







03 


-J 






cd 






F 
3 


c 



> 


3 






U 





ac 



ce t3 
CO o 



£S 



ft j>> O Sh 

cd3 

M 2 S DQ 
4,1 §.^2 
g l.§ § 

TO QJ ^ q 

"~" *"* m ^ 

llll 



CO O 01 10 

I "J3 > 
I -r shm-. 

§^: 

•S S; ^ 

a §"2 a© 
8-1 g JS 

X3 o> ,3 ■— ' 
+3 Sh+3<=/3- 



F c 
■St3 

,3! '55 



PQ ■ 



to to 

o 2 
o> _C 



0> — 

c8 o 
COS 



gee 



"8 '3 



e 


C.SPS 6 


o 


• 2 CB Sh 


B 

o 


restr 
ding 
lude 
oth 
tiis 


The 
yiel 

3 inc 
anc 

• (T 


1 


C3 






1 *n -3 B 


? 


tions. 
highe 
inded 
>ntrac 
estme 


5 "8 



s & 



'sflK g 



■" BJ2 



3 2 



Big's 
o tog 

^S c 2 

S- fi 4> 
CO >yS Sh 

cO >>;3 

"_*> 01 
II J) o 

ce sh «i— s o) • 

js^xj g_jo 

S 2 m 3 3 

--a m ca oi 

-u ST) 01 fcUD 

2<2 3 3 3 
5 £ ro s 

£ «5 S "* 

3 o S' 
e « 2 - 2 

g£ 3.5:5 



H-^ ffi 



i S i 
ft*-> 

. ft CD 

s * & 
■a » s 

a J, to 

csE -1 ^2 13 
-h . CD CD 

B CD -B 
CD -u t-i <B 

to cbIR +? 

CD i—l 2 CD 
S ® 3 u 

are 3 o> 

£^ *2 

V'B K. 3 



ft 3 



3 

2 c 
£ ca 



>> CD 
Sh to 
g3 



>>0 g g 



c 5 2 to 

•"? ™ O r* 



s2°l 
*a E 

-p<u 91 



3 



CO (3J 



«H 3 p/5 
Sh CB 

o>\ S o: 



>>.~B CD On CS 
(-( CO -*^> 

oct 1 53 ca 

ft" J) J) 
CDT3 *,0 

iiS2ftl 
^3 . ? 



ca 



CD 






. 0) CO 

gH B 



a^"a 
2 "3 



2 ca a o 

3 « <B <u 

b ^2^ . 
•22-afiS) 

11 III 

I . a ca 
c 2 2 



c & 6-2 

SbSS, 
-. <u « ff 



<u a- 



a 2 

J5T3 



^o 1 

> &B CD T3 ClDrn 

s.-s «.a « 



Sh T3 CD 
CD CD,B 

>- CO 

ca to - 



.2^ 



X3 



CD 



ca- 



3 >^ "3 



B « 



2 PT3 



22 _t3l 



0)53 

h1 



•S "^ 71 * ° 

s_ 2 Mca 
• 52.S ca_ 

-Ci CD L,rB 

1 2 *• M B 

S-2 H B 



M53 ^"B ft'O a 
•h o J> B 0) Ih 

CB ft tO _, <b1$ Q- 

r 3 CB fH CB >h 

H Mg*2 CD 

I gi £3 & 0^ 

-Bu in ft .— to 



.2,^3 



sh 3 r a 



£ to eg fa 
ft .S2 S ^ 




a 

+3 CD 


orary 

bond 

d 

structi 

iod w 

ate — 

roject 




B CD 
3-J3 


62 
m F 3 


ft S B S'O ft 




-B 


<3 Sh C8 $ 

B O .. fi ft CD CD 


ai 




No te 
tted f 
dtions 

For 
rary 
rof th 

(i)Th 


CD 

ft 

E 


CD 

^ a) 

•B CD 

s 



0)-- 

<u £ ~ 

-5 CD 3 

CD to CJ 

cB 3^3 

to 2 S3 

c3 m ^ 

CD 2 



^>5 



B 



CB » " 



CB; 

•3 S 5 S "S'lS 



„ B'3— ft-2 

3 c &@ g -2 



CD -»— 

cb_c o 
-3+5.S, 

■^ o 

tH h j< 
ooft 



PPL »g 

ce 3 ° 

^ B-3-B 

^°2° 

~Q CD^ 3 CJ 

o ■«>-' " 

"° u CD 

o.S-^ ., 
e b"2 

§ S 8 P 

& CB 






B 

ca 2 

3 



tjj 



co ce 



CD Sh'TJS-^'.JL CD Ol Sh'^'B 

h 2-b 2 S-a^ S°flS 

B rt 4J K. 4J F B'-' O C 5 

" T2 ft^T3 ^-S°oB 



• CO ,^ CD CD 

a) 0) S h+3 

1) S O J, 






*H -B »H 

"•*« cB 



X 



0+3 to "R 

P ca « o 

*- M ^ - 



B>CD-l5„-Q,- CD^CD 

B r! 1. rrt CO " B ptI t-1 _0 _ 



5 e~' 
ca B 3 



T3X3-9 



O.S 



1 s paHa 

ojns^ ca-^ 



co 7: to ■ 



^5 



■S a 2-b O oi» &rt ~ 

2 cd O-c oiH.g S-^ 

£ a :-0a>£ -§*&.•«£ J 

cf 2 3 '> S -2 m2 ta » 

2 2 S^.to g S 2_3^ 



" %hD* CD 
*a ft S CB-S 
0^3X5.0 ft 

« a o v a 

.« o . ^ ce 

J2,£5 tJD CD X 

3^22-c 
5^.22 § 

>d J- CD §, 
fi ^ CD >h 



ft ° ft 
S a s 

CD § CD 



ce 3 
ft 

to CD 
"Sh 

3 a 

^2 



'^ce 

CD 



„J3 ft 



? ce 



"cBf.B'rH ~ca^ 

-Jffv^laS 

I ft^^ g^l^g 
S o'S'S «> *'S o . >, 

^•3 OJ 0""-3 3 B..B g 
S'B-ytoto-^'^ 5 
[S R « 3'StM T3gi3 

r H « g 2^ 0g5 .g go 

"3 ttD 3 CB2J >- Sh U 

S ChJ 1 3 "I CDOCD 

.5 .33=2 s ft-o a, 



T3 -BJ ■-< ^ M to 



• r-t (1) & 

-02^3 

g-MMH 3 01 2 

B O CT-C J3 
PQ 3 CD o 

1 oi2 ^3 
I o "B to CD-xJ 

^T3 g § ca-o_ 

■scb >,& <B.a, 



'-C HH E ft O 



B V 
O O 
-Q fi 



to CB 

- 3 



"a 



wB « 



"^ ss 



■g g °5 fi : 



g2-g ft 



CD O to CD 3 



a « Ob's 



3 «3 ™ 2 
«U CD 



i5"B J3 

T3-"5 

o.- a-P 
>>ce h 



CD Sh 



3- 



■g ce ft 8 2 2 



h S--U J 
hH h fll h 

.2 & ftfi^ 



3 JB-B 

ce to cd - 

3-rH CD 





es 41 






cn 




B 


c-n 




2 s 

J3 


"C 


ca .a 


t/1 


f, ° 




3 S 
O 


« 






M 


*5 "3 


ca 


as 




^ r 


JS 




Sh 




< 





:g K 



-.3 •{■» co 



£ c 
"3 co 

41 ? s 

C3 CD ... 

ja > to 

m o ^ 
iHiH P 

o o o 

_ ft 

d CO " 

ot3 be 

gcE'S 
f »-S 

ft o rt 
§•11 

.s 8 i 

(H CO- 
CO TS'S 

3 "S P 



a> 2-3 >> coio 

S 9t^ CO 

co -a co-- 1 S 

co a3 ■ 1 <g ° H 

J3 ft g -2 s- * 

S O 3 „ CO » 

- CD — .T3 ?o 

g o ca a *>-S 
o c -g o <u 

,Sh ca w hQ _CT3 

^ d S-h^^ 

d t£ g *3 g o 



ft to 



co "."S x 
> S d o 



d w£ ft-^ 2 

* =2 ■ tp'S § 

T3 HjS'QS co 
-— x f* J-i m C *jh 

£J &° d ° <o3 

CO mh CO Sh Sh a 

u O bo O co S 



*1 I 

Ji ft 

C 9) * 
O DID CO 

3 i 



"C bo co 

*S a 2 

« bo 3 



CQ 



o _2 o o 

»*« S3 

2*3^ 
43 X Si? 

.— CO ™ CD 

"3 „, JStfl 
^ o^S 
Rl " Sh « 

-d co 3 
-i > d 

COrn 2 

gft^i 



a, o ft-^-Q 

-d g g CO co 

H M co be bo 

c k a d 

o co be be 



3 -A -a co si 

E"6h- g 

CO rt CO o 

s-1 ca y - 

2.2 §J I 

3 43 co— ' C 

O Id Sh _ . CU 

£2 g <n "S 

?r 2 a>' a 3 g 

o 3 2 ofi s -« 

co a^ co cd 5 

Sf S g g n .2 

CO co CO o 



bo co 



CO 



ft 

& as " & 

o .2 o -V 
g aj-g^pq 

,2 qto^^ 



P-S 



O 6« 3^ ti 

'■K S co o 

'•4 QJ] rj CO CO 

"" — be 



d .■« 



o*s 



*J& 



§ ca co 

■" to a" co 

Cl> " ^h 

o c=2 ».2 

S St3t3 -*-> 
8.2 BB.S 



T3 o 

CD-jH 



CO 



<v o u 

till 



3 

C co __ T C 

. bo2 fe"^ 

ca is o cq 



co ca ■ 



Q"° CO 



g CO 

caTJ 

" a 



ft d 



8- r 

CO CO ft 

a,.- >h > X! 

f-n T3 ryT3 o> 

■a ?^^ 

c3 ^+-hj 



O o 



K 03 



"js 8 & 



S^T3 

g m n 



0> 



CO 



ca 

be * ■** 
d 3.S2=i 

'" a ^ S ffl 

o o c^.8 

HJ;rt T3 

.23 «i§ S 

to _, *" CO X! 
£.g^g <D 

.„ ° a> co 



3^3 

8 31 g &2 

CO o ft CO3 

o 2 *- ^ o 

tt ft3 ^ 

co ft_2 ai 
-dT3 "SifiTJ 



?$3. 



H d co.cS c 
jai3 Sh^i 



d "S b m 



CO O T3-0 
■^ O CO 



CO ^ 



Q g M 



CO 



X3.5 



ft <B,„ - 

^5 d 
T-l C HJ d 

S 3 «.2 ca 

5-S 2 OBT3 

135 g d g 



1 « 



0) 



CD 



>.a 



S3 



to ca 



d 



CO A 

3 co 

co +3 
d o 

8,1 

d ca 

E £ 

ca M 
co co 

CO +J 



s d 

^2 g 



C to co 
Q-fl 



d 

up S a co ^ 

to Qhj T3 ft 
i3 >>ft^-i 



5 d 



SU CO 
COC. d 

•Si "to 

3d g 

«°dg.S' 

1? 3. 



dTJ 
o> d 



&o3B 

CO M; - * 



OJ3 



S go^ 



CO o 



CO CD 



*= 43 



Ca O r^J 



agg' 



O t/.j 

CO e*; 
CO O 



y -rH ;d d o co 
ftiS-- >-T3 

ij co g ft ft'C a F 

3„d P< ft k. ® ° 



C0T3 

3 d 

co o 



d 2 2-^ 



>T3 

d g 



8 g 

.a ca 



s- =*, 



O CD 



T3 tS 

c d 
.3-a 



a ca hft , 



SS 



K « i. 



CO . 



ft =« <u-S 

tT Sh OT3 



g 






g ® a 



^T3 CO g 

»i S O 3 

., S Q, to 

4^ o a-2 



G-g d,p«^,p 



S O 42 h3 

p-^ 3 d 

H _ CO o- 

'ca g g- 



8-3 



0+3 CO CM 
S > o: 

2t3 o> fi 

.5 > d +- 1 

t-> 2 >>. to 

CO S *L> Sh 

£ ft «o 

co co a g 
% §fl >> 

1 a- 23 

co SP to 

s ca co to 
§ a a- . 

•NiT (O (11 

«2^ 

|gg§ 

T3 "3 



O HJ B<< 

-° ^, -rH • 

O <x3 to 

co *" co PQ 
ca°x3.^G 

^ to c« oo 

3 to , 
bee! 

2-2 |-a 



ca ° 
co!2 

Sh CO 
CO °< 



ry 1 CO 



is o 



co to 
com 

j a 

Q co 



hj o a a 

3 hJ a c 
5 d co 

«g .5 CO 
CD g . tO d 

,-a d to co.2 
*ts u a d 43 

o co p a u 

sh > bo^-r 
fto gs+s 43 



Sh U 



«« sju 



^^^tiSSWTo 



d oxi 

a o co co 

,3:3 

re 



ft d 
to 2 
beg 

"cot3 2 a 

CO CO g 2 

- > ® § g 
u d y rd 



1St3 2 

Sh C0h3 
COfc-^ 



U& O 



£ 3 



.a crij a a a a t3 co o 



2 43T3 
2: . 3 co 

S o .-a B 2 a, 



C3 



CO 



"S:S 

«.2 



CT3 

o c 

'43 O 

CS-= 






P. .3 S 



>i .i 



13 
3 £ 



la 

S s 



u; J; C S ^j 

- °3 5 cuCO g 

^ Sh fi Si -u o 

CO §^ o o 



S-p 3 s s 



ell's 



u s* e_2 

CD be <d ^3 

ao g^M 
A ft?) a c 

13 Is I 

„co ^j-g 

a> cu ®co a" 
-B j3.y <u 



2 u J) 

o tm 



..S'Ss c 



3^3 
co o 
ca c 

cu c 



fc-i i3 ,-j B "B c8 -B 
So 



o o 



B o JJ 3 



cu -H cu „ 

Sh > > 0) 






U 5 (1) N IC fli 

-g O.J cs.o^ 

5. '3 _, "S * 
jh.2 § fl ca 

cu £ rt cd:5 

3 «i B* .3 
» 0)x) fl c)T3 

a, §+= w .2'b 

a C flS fl o ^ 

■^ S 2 6 » & -o 

?>S 0). 



'slgg'fJB 



fl «■ 



3 


u 

0> 
Sh 


rC 


CD 
CU 










coT3 




CU 

bo 




ca 


CD 
C 

o 


ca 


s 


c 


la 


XI 
Si 
C3 


i. 


CD 

CU 


be 


0) . 


k 


D, 


s- 


S3 


CO 

K 


CD 
"3 
CU 


c3 -u *^ 


S" 


cu 




b >> 


O 


w 


H 


cu ja 




1 




co tj 


"g 

"53 


■a 


2 
o 
cu 


B§ 

P. tt 




o 


act: 



Q-2 e 

Vi-a ca 
cu u 



ca.g. 

s s 

o ca 



ft T3 



2 S « ft 
3-H h)C b t 

a g S' 



.22 Sh O O 

O m O 

CO 1 " tt—i 



o a 

h! O 
o cu fl f- cu -S 



m o o .O x 

| S^ 2 ®^^ 
'. "+-,^o D<00 

•"oo ^ « 3 <& 

13 Sh S C g ^ 1 

^_g g ca § x g 

^ S - 2 c h3 ft 
o o."tt >h ?CQ 





"W 




T3 




^ 


. 








cu o 




tJ CJ 








?T> 








«.2 





£•6 ca" 
™ > o 

-^ ca a 

c c s 
15 2 cu S 

-O . 0-T3 
CD B Sh-3 

^ ca co^ 

ca g B 1 — i 
£ .2 .2 -g 

M Cfl o o 

-s'i S 

bI&| 

w H S >) 

O Sh"S 

co -u » 



caco 
"GO 

CUJ 

ft co. 



3 cu 



<B A BT3 mO CU CU CO 

* Q- co £ B >,E-i if ^> 
CC B d-B O sV . e g-g 
gX! B <U ° S 
» 2 -S 3 

ca ca ca 

" s 



C3 



ca co ^ ^ 



o cuts >< cu 



•-^fioV.SoS 



0) > 



tu sni5^ g'Sb-2 g S 



* iT-w 



a n ' 
Sg^Bcog-S^-505 

s b §_§£ bh- s s^ a 



C"§ oc "■ ■ 



Sf*> ca 
b cj 

Q B o 

be n3 M 

Ih £ 1 
sis 



1 - i-C ti_, tM H-J q 

-?>^t52°oco^ 



m CO CU Ti +J 

B' 1 ^ ^ CU'^H S. (H 

cBcacuBfico-£.pfi ■ 

u3o-5c8oca2 :S cuES 

E-IT3 mCJ-j Sh 

O ca B CO >>Ph T3 B -2 -* 



3 cu .2 



ca-S 



)h .b 



u 



c« cS 3 

CO 

■a to » 

2^3 

Coo 

as -s 

■ht: 

tj eo 

b«2 -23 
tc p B^ 

s- -Co 

» 2-s' a 

o45 £ bo 



-g 0) 



u W 7 ^ ri -ii X 

(1) CD S O-h 'O-Q 



^_ o -C "^ H 

01 CD O 8 bD 

ft-3 . s_c 

■ 3 „ o S 
-O co _q -C .O 

am o<~ 

£ a £* 
^ a $ ^ 2 

0> 3 > O "^ 

U H ««« 

fli h ,„ o 



so ■ a> a> 
5?p2.^ 



22 » B 



!-3 ai 
>gE 



6^-3 o o> 
C 2'£:S 
ft c ^ ft s 



> >« g> e J? 



-3 CD bO 
g °"S CXI 

Mil 

ft-O-Sl CD ' 

£> n C-5 ft; 

.o 2 h co-: 



:— I cd 
1 3 C 

'.S ° - 

J bB>>i-^ <D b « 
J «-h -h CO S -4J CO -3 

Sc3§b.*>-gb.a 



be o> 



i bO.S -Q J-. 
v fiT)« <U 0> J2 

.3 3 3 3 



tS to .22 fc 

« a> a .- 

£ g -'-'CD 

— StH <» fi g g 

m o «j 2.S 

>-> „, -4J -Q <" 

°2 grg O « CD 

"~ ' -» 3 " cd O 

.3 •'- 3 1? /-C cd 
-3^-rt 2 to £ 
2-"* T? 3 -u .3 
S3 p. 3 co ■** 
3 b 3 O CD 
tC ft 3 o s~ 



3 

a B- 



b a:5 

ft 3 



cd to 3 
-O 3.2 



■3-S « 

a 3 

3-3 -is 
bo 0) o 

— 3 2- 



«?.P" 



•22-3 s fe.S 

aJ 3 S x! a 

li^l&i-l-il- 

•S bc_ ^ r ° 

~h CO ^ -3 3 rt H CD CD m 

^|§|ft§iS2 fe 

tOCDCOW^C^PPS 



3 *w 2 co 

CO -3 3 •-* 



, 5.Sa^ c:1 23tacD2 i:| 
^b §-«2 0-3^ o <u tx 

Q.CS u ol IS « fi S S 



3 tlD "«■ 



3 '13 cd 



«>■ CO 

S5 a 



_o u-Q > 

3 P 

t-i-S»oq bp 



T3 ~ g 

U ID H 

•3 ? 3 

-2 § » 

-3 -Q co 

CD-3^ 
-D 0> o 

2 "a gL 

3^ ff 

ll^ 

w a) 00 

3 ^3 .3 co 

-3 cd5 3 
C Sh-3 o 

=5-3 ^-^ 

0) fcr:-3 be 

^ ®.S 

0) to 6 ^3 

u be cd 3 

C 3 CD S 

>2 » 0> 

xi a !- s-, 
^^ o 2 



J2 

3 a be 5 
O ».S 3 



o m 

2 .o 



) P O) 



be a bo'" co 

S 3^-3-Q 

5-Sl.^-a 

a pis 
1 &.1 s° 

3 > 43 3 s 

^ °.2 a o 
2 be C — va 

3 +j P ij 
^ co > o 

-^-3 3 2 «S 

o5'3 fl -g. 

ftg s-" g 

13 § "8 a 

S.5.2,^ 



-i a«g a a 

h OOO (1)3 

3.iia5 _d a 

-U Zi-g CO 

-ftll 

•■S V> -3 O m 

SS a- « 

0"V 3 j. 
ft CD co -3t£? 

Q* r 1 CD -3 to 

-sSg 



ft o 



° 3 &•- 
3 0) s-j. 



o l-i c 

^ SH a— in s o 

oi 0© 2 » cd 

O > lO -Q ." -Si, 



I be beg. 

! S 5 

a a g 
.3.3 a 



— 01 



<u2l3 2 

cj<l 3-" 
3 ^~ 



a a.a p 



j -3 -3 

2 a 
S2 



■222 £ e'e 
a 3 3 2 ftp, 

? ? -5-3 s- 



CD : -I- 3 CD A 't? to 

hr>-3 o S ft O co 
3' <U 3 3 Oi „ CD 

J3> 3 ^ CD X 9 (_ 

t § 3 b <u g o 

g p a'g floj>, 

-3 o>2 to ^ b 

egg ^-3.53 
a 5 .a is ® „ a 

g T3 a o> 3 
» ^ >>0 S3 c 
S «2oo OJ h 3 
Q co - -1 -3 s_ 

M -g-§«£l3° 

c- » a 2-" 

E SjS CO » CO 2 
b co"E CRIST' OS 

■S a c-n 2 - o >> 

2-3 "ScS-a BxtC 

o'S m » H H d 

LO I 1 -O S- +J - *J 



2&&k 






^33^ 

H u 3 b cdhh 
to H n> a* 2 *■" ° 
^, ft a>.d a m 

g CD u u 2te " 

,2.3 3 ai 3 ><s> 

ry += a) shts 

$ >>£ fl a5 tq 

^ S £°3 fD^fj 

.fl <s g fe $j« 

-v. 

* oca 






S g-c-fl 
cs 6 5.2 



Coo 



cc gjj -g £ 53 s S 

01 CD !> CO CD CO 



CQ 



^3 
^-g 



co J Sh Sh 3 -3 co 

"3 h a> a) -3 b 

_ (h-3T< 3 r! c! 



6- 3 ro 
M-,,3 



O ft-fl Sh« 
° co+3-rj 5 d> -H 

£ CD fe g a)— i 
ii.fi •* g cu Sh 

S-S «V S-o fi ■ 
"-I'd ><? fl ?* -y ° 

°88 .gg,8§ 

S3 ^3-2.-?^ 
Q, CD "3 CO CO ,fi _ fl 



co C 



> cd 



• ' J, O CD CO 0) J, 

P75 J)<j r< -y tut 

^ O >; o o ft s--3 
g-£ « C 22 

XI ft". Wig bC C -c3 

CD O 3 s^s-S 
3 &|= 5 ^o-o 
® * £5 § 5 fit 

>- S ^ 0) > T3 

2^1^* .0-8 
s » s fj a> S 

"J- bO-3 * S O „ 

Z cd £-3 ca u 

CD S ™ CD O n w 
o-2 o*>- .fi o,fi 



2 c 





0) 


a 


£ 






o 




^ cti 


i*) 


0) 



0) 



cu'S.H. 3 - 
° 3 o 5 

8 a |M| 

O . .5 O CO a, 

o a % c-s 

CO S h CO CD in 

■g ^,3 3 2d 
CD Ml O CO -C § 

n -y S bo >>-c 






03 



O CD 

CD 



3.B 

c" « S -2 .S g, 

CS co 3 -u 

m >- £ S c 2 
o i; c 0^3 

c3 D. 3 o -u 



^1 






(D C S Q CD 



■fl"B a 



&^ ?iT3 



CD 3 co 



■2 CD " 



.5 fl 



§ t, Co -3-Q _ 

-? feg g3,2 
-a 12 - -s c3 m+J 

co bp.O 



CD 



CO' 



ag 3 J g-g c „ 

cd co x 5 o^: 

Oj (4-h„ S C OJ 

u bo c3 o O CD O-. 



CD 



T3 g. 



CD 



o-o o g 

co - 3 "^ 3 S 
C 3^ a) g-H 



3 



C 3 08 2 g 
Son -Q_, 

ca 3 ed I OB 



bD 

h D O 



?S 



CD 

c8 3 -3 13 

a -2 3 >^c2 g 

<n -^-".fi 'tS »*> 

S-i CO g O h 

2m ci»c 3 

gp.2 (u'Sg 03 

eg g gj 1 CD § £ 

3 co be cj 3 t— 1 



.SB 

3 O 



O^ 

ft X 
0D 03 

e = 

ca h 



CD -3 

« 8 



Ji tO rli 

g$3 
S C CD 

M ^^g 

sals °cfc 



2 5 

CD ^G 

CD 



*8s 

sen 1 *-' 

•22 fl c 
3.2=2 
cs +3 

"Hi 

H O-U 

go 8 

en fe c 
. c ta 

/^ to 
O 08 



X CD CD 

$ S3 d 

O OS § 

o x.2 

C 3 to 
"* *•*> 
co a, 

~ b » 

e-flO« 

a ^tJO'5 

CD g CD -3 



co o en 

O Sh ° S 

O O OS CD 
CD j3Hfl "S 

3 £ ""-§ 

Nil 

co^ ft <D 

ro.-tt g 2 



O 2 



qo 


O 




Sh 


cao- 






ai 


C 


e 


O 


O 3 



"3 

O 

a. 
© 

0* 
a> 

a 
ca 
£ 

'3 


Special rules would be provided with re- 
spect to any child under 14 years of age. 

In the case of a child under 14 years of 
age, unearned income is taxed to the child 
at the top marginal rate of the parents to 
the extent that unearned income exceeds 
the sum of $4,000 and any personal exemp- 
tion allowable against unearned income 
(up to $1,000). The child's first $4,000 of un- 
earned income in excess of the personal ex- 
emption allowable against unearned 
income (up to $1,000) is taxed to the child 
at the child's marginal rates. Thus, up to 
$5,000 of unearned income of a child under 
age 14 would be taxed essentially as under 
present law. An exception is provided for 
unearned income of segregated assets de- 
rived from earned income of the child or 
tort recoveries. 

All income (earned and unearned) of a 
child over 13 years of age and all earned 
income of a child under 14 years of age is 
taxed to the child at the marginal rates of 
the child. 


Same as House bill. 

Effective date.— Taxable years beginning 
after December 31, 1986. 


S . 

0) 

s 
o 

a 


H 

to 
o 
ft 

o 

S-. 

ft 

0Q 

d 
a> 

'53 
a> 
u 

Oh 

CO 

ca 

CD 

E 
ca 
w 


The personal exemption amount allowed 
on such return may be used to offset no 
more than $1,000 of unearned income. An 
additional $1,000 of the personal exemp- 
tion amount may be used to offset earned 
income, but only to the extent that earned 
income exceeds the standard deduction by 
that amount. 

The standard deduction may be claimed 
on the return of a child eligible to be 
claimed as a dependent on the parent's 
return only to the extent that it may offset 
earned income. 

Effective date. — Same as President's pro- 
posal. 


"3 

OS 

o 
a. 
o 

la 

Cu 

«B 

B 

IS 

s. 
PL. 


The proposal would tax unearned income 
of a child under 14 years of age to the 
child at the top marginal rate of the par- 
ents to the extent the income was attribut- 
able to property received from the parents. 
Earned income and unearned income de- 
rived from assets received from sources 
other than a parent that are placed in a 
qualified segregated account would be 
taxed at the child's marginal rate. 

Property eligible to be placed in a quali- 
fied segregated account would include 
earned income, money or property received 
from someone other than the parents and 
property received by reason of a parent's 
death. 

The proposal applies with respect to a 
child under 14 years of age who is eligible 
to be claimed as a dependent on the par- 
ents' return. 


Both the child and the parent may claim 
the increased personal exemption ($2,000). 

A child eligible to be claimed as a de- 
pendent on the parents return may use the 
zero bracket amount (under the proposal, 
$2,900 for a single individual) against 
earned income and against unearned 
income derived from assets held in a quali- 
fied segregated account. 

Effective date. — The proposal would 
apply for taxable years beginning after De- 
cember 31, 1985. 


S 
-J 

S 

V 

hi 


If income-producing assets are trans- 
ferred to a minor child, income earned on 
those assets generally is taxed to the child 
at the child's marginal rate. 


With respect to eligible minor children, 
both the child and the parents may claim a 
personal exemption ($1,040 for 1985). 

If a child is eligible to be claimed as a 
dependent on the parent's return, the child 
may apply the zero bracket amount ($2,390 
for a single person for 1985) only against 
earned income. 


E 

0) 


A. Income of a Minor Child 

1. Unearned income of a minor 
child 


o 

V 
N 

•a 

B 

ca 

s 

0) 3 

X O 

"E 

1* 
o is 
£ w 

i£| 



O ft ,-. 
!*. m *~1 



B0 3.S 

co So _o to 
'ft o> C3 1 



S o m 
to sT^-O 



ft* J 



CO 0> ? O 



- 2-S 



.a^o^ 



co a ™ H 'rt 



-2 £ &8 



- H '3o' 

io CU* CO 
cy X^ to 



as 



,ai 



K-3 

d as co 
5-3+3 <u 



^ . o o ■ 
3W£ 



as^ O CO 
_^ OS . -r! ir! 



CO Si 



... „ co e8 
| m3 '3 
m-3 s-I cotG 

3 a fl j, co 
as a) as ."S J3 

fi)^> fib S en 



„ Scm >>-C 
P co o as • 

+3-m"cO oq-^ 
*■■ p5J co 



'Oi'O co 
CO CO ,£3 



5 a.a» 



O oS— i 
-H Cm h OS 

BO Jig 

as t-.a 

h. co co °p 
W>to bjo H 

S 3|| 

Soft 



o a «a_ 

Cl ^H L, 7^ ' — 



fl.Jj>J 






'S)"aS P 



a S is ts 



? 3 






-2 g f fl s- 

3,°-^ O CO 
coZ co -.3 fe 



-__ m 3 m c as 

2? .2 £.2 §C 

.a as " "'co e 
C cJ3 cuss £ g 

« C 0)43 co o k 
C0>-h B^ flb J) 
Si CO o CO Si 

a ja-w.fi ft 



03 



«; co 

Si co 

i m 



3 -2 « 



aSS as 

-2 S 

fe co _ 

I » 



Sb as co 
as Sb 

m 43 D 

o5i! 243 h 
o/° &££+=.,_ 

l|^ Ileal 

g-o£«ic2So5i 

&*agJ8|S£ 

r 2 JJ sTfitpo«)jS 

§ sS«.S co-^ 2 

<. o«Ouofi 
SK5 .S^-ffl 



USIOIO 
i-ICNCO 



.3-3 43 



CO 




03 








3 


OT3 


43 




CO 


Si 
+-> 

rn 


>> 

1 


J 


"3 


cu 

c 


CO 


C 


-O 


-J 


XI 


T) 










CIS 


3 






o 




00 


& 


C 


a 





CU CO CO 
Q CO £ ■ 

o 

^S-C Si 

D -m O 

3x1 e- 

^ as 



og 



I «.o 

OU3H 



i>>co rt ->>oJt: co as co 

rt' — !_errtci-M-M +J 



P C 



3 T3 co Si .g 

&UMt8f|1 

PS «^ Si -M C » 

CJ SrM .CO CO a 

Q,-n a! c co -^ « 
"^co^oScoacO^aS 

J3 rn S.J Sj3J3 S< 

S3 .2 bo+3 3*3+3x 



os^-S 



co 



T3 " " O 

CO o w 

5«T3 SO 

a co co 2 

CO 3 >< o)°. 

i- 1 is s fio 
Sb-"-* 3 goq 

CO >><» of* 
a -w 3 o 

*^» C > o CO 

Si 2 -m °„ e 

JS § 2° •= 

3 I g^<u 
o OS +3^^ g 

W-Cr'.a c 
a.i3Hca.r 



CB m~ ft 

CO >> 2 

« fs^ 
2-3-^ 

O 3 as 

a; a, as 

u as co 
CO #FH 

Si Sh +j 
"°c2 S 
CO 



cm a 



« 3 m^ 

» g 2cx> 



3 



• s 

s 



ol8§ 

c g.s-a 

■35 a 



CO CO >> 

J§S^ 
o o-a 

O CO 

co a c 
-a — ■§ 

*" a s 

a5 fe 

'. co -3 

*> 3 
co j: co 
3+3 co 
s- "S 

*" >>£ 

Si Si 

n> co +j 

Q O « 

S'S'S 

tS!H« 

§?a 2 

■S3* 
c3 cy co 

3 Z.Jc 

O-osi 

Cm Cm 
O O 



° Si c 

-M TH O 

a o o 

3iG a - 

O ,rt ; 

a co co 

CO^ 3 

^j Sic 
cUt3 

Ma> co 



£cm.S 



co 3 



ft >» 



^cm^ 

2S "^ 

ja'cocM 

3 ° 
2 cT-i 

3 



^>ci-r 
c 



3 * 



CO 



m<: 



CO • CO 

co >>i! 

a 2 ^ 

3 o co 

c a 

CO CO o 

-M CO .CO 



'SJaEi.s 



^< 



5 2 
a-g-2| 6 

J3 "^-M'""r2 S^ 
JM CL| -M +J -g ^ „) o 

«h 2 ^ co «-o a 

co -- 1 co o js co 
-^ m Oi & 3 "co Si <B 

m s.a u si »*> 

SicOcOo-T3cfl>2 

CO -M O CO CO MH X 



OS co 



T3 S 2 2 to J3 X to -S 
S «i3^ g g S 



° g 8 gift 

2 -C c 

^cS^c^O^ 

5 & S+ 3 co^ 

O fe co^ 

% a -m co 

•B .3 8 a'~ 

co "5 ^ a 1-1 to 

d > "E"" .• 3 



co -a 



a r co _ ' 
03 a fe 2 

U ■ CO CO 

oO^J ftj3 ■ 



{-. co a 

he co co 



£ <*> - 



a --S 

CO O 3 
2 co co 

« -M J3 

J3 co^ 

co co o 

I OS -u 

ft OS 

'. CO Si 

cu co _ 

CO 



CO 



■Si 43 C 
~ 03 ft 
g,K O 
3c0-^ 
"S ■" co 
co 45 



to a ]=S >> 

Si as ft43 

** 03 OS 

si >> h 
o.-a 2 2 
s -s "S co 

| jl 

I £ a » 
J: to <o-a 

"§ 3 co .2 
» 03 as oS 



a_? co 
■«5^ o 

s a b co 

Jy OS cO—c 

■S ft ft43 

co co CO 

co co o 



H 5 



I 



a js 



O cu 



co 
» 
h 
fa 

CO 

SB 

OS 

O 
Z, 

fa 
fa 

CO 

SB 

O 
i— i 
H 

fa 

z 
fa 
o 

CO 

fa 
H 
^ 
H 
CO 

fa 

Q 
Z 

< 

CO 
H 
03 



cfl 


is 










3 






o 


£ 


1 


o 


►, 


CO 


3 





'&8ft 



-5~ ® 53 




T3 








as* g « 




o <» 


o/ tax 
;y, the 
3 propo 
rsonal 




3-rt 


■a 

a 


h e 




CO 




S^-S ft 
o R fl 


-°-s 



~y coi- rg o 
^*»fa <* ~ 



"3 ft2£ 



•^3 I ft 
2 s- 3 a 



ftS * 



e :3.2 a 
•w .2 1 *- 1 3 

"3^35 * 
3 9> 



£.3 » 

^ cu °5 5 5 

-P S m m 

■a o-a^ <s 

jo CI OT3 

^ ,§"" St3 
_ T3"rt „.S 



03 

3 
CO 



3 
O 

E 
co 

I I 3 

•(DC 

s|l 

.s-3-e 

3 S o 
* CO 

•j^cO 

■S'S 5 

- 1< 



a »h 2^3 

"IS § >» 

^ « S S 



■ 3 fi o 



T3 >,3 



a s-s 



X 5C C 



,}, cu a) 
ftS^ 



nigs 

R ° m « 

CD 03 

gUg 

Q, >H 0) « 

silo 

§gftp 
s F m -e «s 



a) 03^5 •"-o 

3 ^ T3 frfj § 



p a 



»2- 



03 



C a> 

03 en 



A o S 5 s !3 i!- 



5^3 



'S fl 



co a>' 



>,? °3 d 3 



>-r< o* 3 



a> > . 
H o 



O T3 



3 "3 



_g 03 -5 AC g'o 
*" _ T3 3sr2 



to „ >h to ^5 aj 
■S f^'- say 03 



V !h a> 3 

I 5-° 2 I 









fto 



o3o.i3T3™'«'S F r3.. / „ 

t 3<D^_," M * 3 -^9?o3aj 



rt-J'C m 03 p 



( 5 S3 



^3 o-S 



52 ft,, ffi e«s 



S"niftoJs - oo33S F £3 >.TJ 
f Z5^ m o ?* CU-*=r#i^3 

3 



3 +j oi'Ojii 



3 



o 2 



-h*> C3 



3 

Sob 
> ,. o 









5 to <^ 



0^3 3 



v. o a> o 3 

-! SH CO . "^ 2 

<J «— >>CQ 03 g 

3 cu~!>- * crt 






-^ 5 s >^ >> 



3 O h h o 



u A 



, tn 3 <D 

0«4H ft 



CO 'm. 



oS 03 3 o cS +j 



"C 2 S ->H m c 
- ft'o "o ft b * o <+* a) 

"S ^2 J2 -H +J CO p-j _tj T7 CO ^IhCh 

3 ggdrHBlotbCMl'? 

o ffl .a ca 3 






3 co cr jj oj 

03 x £> CS^ 

' a; co ■ 

i w ft 



CD ft O CP 4) !h"c« X'-*3 .2 O 
U to O^-Q O O 0) CO O O 



Si CD 


1 


ft >> 

CO 3 




CO 


-o 


o 




3 


o 
o 


CO 


u 
cfl 


o 

3 
T3 




CU 


(- 




d 














m 


n 


3 


CO 




3 




T3 






a" bolG 


o 



"5 » 



lo ^ ft 13 



i »2 
•2 xi -Co 2 



ee-g^- 



cota 

U 01 

2 3 

3 cu 
a>xi 

3 ■•-> 
.2 co 



-3 -6-Q 
° ah 

6 cox g 
c-5^ 3 ^ 

^'cO ^^ • 

/-n > ^^S CO 



CO 



CD 



H g 



n 

co 

o 
a 

o 

s- 

a, 

GO 

cs 
£ 

u 
"8 




+3 

3 

0) 
CO 
01 
M 
ft 

s 
s 

C8 
CO 

1 

c 

■2 

■*~> 

1 

i2 


CD 

CO 

CO 

a> 

u 
u 

ft 

0) 


o> 

^3 

CBS 

m _ 

2-3 

0) 
CS 

3^ 
ca -3 


£ 

3 
a> 

CO 
CD 
M 
ft 
CO 

3 
CD 

3 

3 
CZ3 


5 

01 
00 

3 
O 
EC 


CU.A 01 JV-i ^ -i "K bB A _A 

co •£ bo ri « £ £ a bo 

o> !« •- &-J2 3 -2 -2 "» * 
B 3 S.2 § «-| file's 

1 ft g §.2 a 2-cj §£ 

§ S tj£ g fe ' <" tn 2 

-3 2"S 2-° c a>1« J3 
Co *rt co h S(- | ^" M ^ 

ft MM a, » Q „ *> J3 5: 
§ ft bfiT3 ^ -5 ot3 a, 
B+o 3 m ° Bj^ iS ^ 

% Nil 1 1I1. 

PhG bJDO-u cj"3 c3 co -m O 


§ Gxl B o-g.3 

5h 5 "^ cs B cs *" +3 I 

0<g:5 CS cs bob O 
Jh""3 CS jjh 3 ^ S - £* 
3- S g 1-1 cs.23 e.S 3 

^^3 sSl^^-S 

^^15 ^oJU^I 

"Otis* "»£ ^ « 

-^ 3 aj3-^"S 3 S ^ 

u -3-33^200!- 

0) 3 C (Hl4i +J Eh O 

t33-3ooo>-J3-ij 


■2v| 

a-S8 

CO CD w 

•H Ci a) 
3 S'S 

6-° 3 

CD ^^J 
0) S 3 "3 
tn'ft'o.S 

JNsvfl 

3 g "0 3 

M CO-^ 

0, OJ-3 

G j3T3 CD 

s 11i 

2 ft^- 

™g«t 

3 g - >> 
cd .2 cd -r 

ft-3 g CD 
<u 3 5 o, 

«a 8 

-C.Sft 


"3 

en 
O 

a. 

1- 
Cl, 

ai 

S 

0) 

s 

'co 
0) 
S. 

Oh 


"^ -9 cs 5 2 3 ft 3 .» 3 0) -=~io. 1J cob0£CD xS 

* S "-S « or*- 3 a 2^ S.S- ?^c§°^ 2,4J MS£<» 

^•2 _ S SlOO^t-. cd-C O 3l3 bo.3 ° St3 3t3 HJh Ti 

3 j$ 3 § S'ss^ §^s Sm r cs "««<« a Styx's 

£.2 2'~'co w Sc!^'§ft^ So - c 2 fctti CO S . 2 S 
Og.gj3KdS^!^o«<H 


■5 J-g 2 S 2 

l.'O g 3 j3 CB '-!3 

.S-pS.2 isojO'O 

3 CO ST' - CJ -U CD 

3 "S^gfea 

■bo^o.^g:« ttca 

« 3-3:3 cS g-o b 

50 3. CO ^=J .. 
J-J3 3^3 3 bD+TC 

2 -3 3 3 O 

> > cS°ixl2 ; 33-3 

3 >h cs 3+3 g M s,r? 
c2§ u^-S-g 2 §3 

1h r^xi CO.S 0).2 U 

M+3 3 3 !h n -S 3 


3 2 »3"3 

-^pd CD^J 3 
co s* 3 r, 

§3-3 a§ 
fags 

3 CD CD O 
"co o"°2 

.»■" 2-2£ 
^S cd3 o3 3 

^ 3 X 3 > £ 
3 3 h > 5 

»-^-* J H -B^3 

g^^^ft^ 

CD-- 3 

is S26 8 3 

a>.ST3 +a t, 

rQ M 5 - •rt 

C 3 g s- J3 „ 

^igl-gft 


3 
J 

c 

o> 

CO 

a> 

M 

Ql, 


Otooi^.Ac31>4) 

S ^Ci H B^3 ftC 

to O 3. -o_ JS 
3 8 a C3J3.2 -S 

eg o^i-w cs« -. *« 

V2 « § 3 a,3 

co SS__ C? > 

•3 T3-23 3 ftcs 

si S, CD 3 B .3 in 

§ bC^j to 03 S a, 

1 « 8 a? b"8 a l 

§>£T S-SSTo.S 

Siaoj* 3^3 ft rt 


3.S 

"+3 si j 
co 3-3 

^3^ts 

+3 01 

2-3 
Cg.co 

co * 3 !n 

- 3™ 

CD ^^ CU 
N O^i 

J3g ffl 
--S 

,2 3 S 

-3 a>,o) 
o>i3^3 

CO 

01 cl ■■ 
ft 0) 

a>"8 cs 


m 5 in 

g|.pBoi| 

CDTS-fi Pl3 CD ^ C *-«.S 
^-O -S J2£>°-3 

_ So J'So'SpI 

„ » S^ ^^ « -23 
fl'C-e^— .53 m ^ 

2-2 alBls 3 < ! 2 '" : g 5- 

I'SJS-a B 8^3-^ 

-3 2-5 cj 

'C S^ tl)M » Cl) Z. 

92^g | tso-o^ 

^ 3-5 '. j3tt5-3 co 

g S c^ 2 B s -3 
fe-2 2 1 § a 

., jn-° 3^'C © 3 § 

42»5fi^*;5 8 


E 

0) 


hi 


c 

CS 

& 

e 

CS 

u 

°§ 
»3 
1-2 
H 2 

F-i 3 


o> 
-3 

b 

o> 

Cm 

3 

co i 

"ce 
3 C 

is 3 

cm bo 
O 01 

XI 

c« 
85 2 

H* 
05 


O 

e 
"3 

"S 

-3 

's * 
.2 

§.2 

rtC 
X! J 

3 e 



tb 


° cu a 


o 


-e ca 


6 


« a «, 
g.q co 

•PT3 01 


X 


ac ? 






ca 2 






X £ s 



OC^X -S *i 

M (-. Q) 

g — 5 0) o 

0)-C — I P 

3 ^ > s-. cu 

i£a2§5 

| S^S| ca-S 

-P 4^ £ g -S o 
■5 S a as -8 



x?2 cu 
a.p P 
81 c § 
o"" 2 



Sr^ 



cs g o> o 

2 a 

P o-^ fi 
oj j; m o 

5a* £s § | 

■ft) Mff^H 

o_ <b ^ .2 - rt -n <s 
X*a J9 ;P ca * .2 

O 3 ^T3-r3 O 1 +» 
C O 1— I V C s 

a! cbcm M ca sh 



3 
P 


>? 
a. 

0. 


>> 

u 

03 


n 


m 











a 





01 











t: 


01 




o>x 



i2<J- 

is-- 

CO r« if! 

O..S P 
Pxi £ 

£fe.S 

«a^ 
a> 5 „ 

33 * 
£ co_ 
o> 01 x) 

S-, o 0) 

fcH 6 

3 0( 
OX 



>*° a 

■go? 



0) fe 



33 o 



2 _ S 01 5 

3 o S 



o ca-g 
to B 



3 5 



^ Oi 

.2-2 mi* 2 --° ^ 



o> ^3 



to Si -O 0) 

-2 o> a. 5 " 

fc.8 !>.« 



-g 2 B'-^S 



P-S Si 

2 a §- 

6 a5 g _, 



o> 



®" 



) fli 



O 0) 

a |^ Ja'-r) -^ 

O^ 1 Q, 0) 



ca 



P.-a 



I* 

• - <s a 
Ol a. o> 

oaS o>' 



Is SSI I 



2 U Oh 

3 o 

ftfl? 

to c3 S 
O cB 

ca -^ 
cu 



« CO ' 

a si 



oi .a 



o. 60^ 2 " .-a 



ac- 






3 5P 



S^^« 



o. 



oi ca __ 

^" 2 3^x 

Co o> 



a a' 
o u a> co 
D. OXJ 



Cm 

O 


0) CD 






1 




O 


fi)^ 




^ 


to 


cb ca 




XI 


Sh 


CB 6e 


2 
'3 


S 

°x 

?5 -M 



01 a 
a' J 



S^S 



5 «xi 



a_g 
.SIS 

C a 

co hi) 

^ ca 

§s 

o. n 

2 co 

cu b 
— > ca 

8«^ 

a co cu 
' rt 01 > 

CDTl irn 



0) O O 

X o. 



»'SiB«'S«i OiOico^r-Hpi 

■- 1 ° S.axi ° £xx s°S» 
=3.2 S a S S^«b ^§ 2^ 

U U > -t^ X a d . ^^? M o hn — ■ 

«o« * 5 § S >-2 a 
ao.s-.jHjHg'S'-S^ — 

a«ca|^-|s>|^-s2 



<fi CO t t3 CU 01 "O 
Y B"-|XX cu 
I T3 co — — .g 



Cjd 



e <u 



ca +j o 



& c5°l£2. 



Oi 01 o 



^x 



t^ CO 



> 0) 

eg 



§ ca S3 o cu'oco-Sx-^ u 
gcH-g ^«ffi w 1a.SPSP 
M ° § -a - 2 w H »- .g b" 



■0-3 OJ-tf 

CU Sh O^C 

te a a 

3t3 <U 



S s 

.2 a co 



^213 
P o a 



5.2 CO 

u Clfl 

S^ 2 

a oi 

o 01 s 

-mx a 

"D fl) aj 

25-S 




HJg. 



a o S m 2 
2- 2 a ca-« 

o.cu £— 5 



U XJ 2 



> x co ca .a 



3 ca 
§ _.fp g c 2 ca £ p 2 

'5 8K £ a> ^ I c.g § 3* 

;2.g l^ca'^a^^cli'S 



_. fe co c8 rt 

J>toS; ca_x2<li ! - , 

X^<« 3 SJ33 *GJ4 ^ 

P*- o fe 

o -~ > o 

cu o "cm ju a 



X H o>~ 



e o 



2 aj 

-^x 



oi o. M 0,3 



^2 - ^ts 

OJ3-P0) o 

as; B cu- § ,* * 

d cuxjPsh 2 a 



JU CO 



o-g 



e 


•- < 


OT3 


la 


cu 


ca 


3 


H 


E 



o 



T3 -O a> X .jl „- 
a> co ^'J3S M 
-£ -y o ca ft 



>m £ 



Til? Ci fl W A> 

5 oj.S-tj „, CO, 
to ^ 9> o +3 
x-g^-S o-S 

*■ S « ° a 

d-^^8| 






s^s a .-a 



5 a 

co i9 



i^x 

<8.2cogxo 
d o; j3 2 dX 



>>1C 
d 



? u d 



o co 



ig « 



x^g 

!> 03 



tA HI CD r « 

» ax g 
8 d " 



03 



CO 



bo' | 

§o 9 ft . 

d d g> eo rJ 

^X O m >- 

a> g< CO 

-8 £ 2 *S 

>-i ^ . dj£ 
»c» * * 



X 
cr 1 a* 



k> SS.S 

"-" ts g g e 



§ 






2 g 3d 



?, do « 



a gd »5go 
S<*.2 



>_2x 



d.H ' 

8 9. 



<D S-t 



TJ d fa ,- 

d 



m C S.a a, 



i^a x.2 



"5-5-2 « 
co cd d cd 

— -g <u — 

c3 d 

w CO 



-S o^, d 

bo fa oiX 

•9 8 §"S 

<» gig 



EVE s, 



ca£ d™ d-a-a o> 



d-d rj 

0) CD - 



03 5_, 

"" d£~-2 
d 



55 «m"' p 
d 8 » 2S fa 
o S d2iJ 

!■-& J 

5 "S Q£ n 



O 3 M 



ft3 

cu 

d ® 

d 

CO 



cu 



'-33 8 



3 5 c d°° ® 
2 a) §2 ° d2^ 



cu 



^3 I-'S mo 1 - 1 ^ 

1 n lO CU c = — - 

)C35 ft d 



d 

-*J Q) d 

ca >i +3 > 






T3 CO 



•S° 2,2 b^o ft^ 

^•ftftgiJtl J 5 
caco u ca ca.d 



1X3 S 

C75 CO 



CO 3 

d ' 



lO 



.. ft 



CD CM qj 
» S S1 d 

(H fl) fi 

jg5j= d 
*° 9 a 

CO -w -w 



_o S ca ca CO .2 

■" i3 ftC^Tj 

rQ L- CO O O 

2 >>+j vj. «i co ca u 
I g ® d^ * g 

TJCDCD Ux2©-" 

d^3-S^d«" 

O-P cj _C 

fe S x v 2 °*3 

? « 3 -h J3 *» -g 



d « 

ca ca 

CO g © 



CD 



;gfc 

to ? S 
CO o 



c*-i "d 

° CO 



-2 ™ 

XI 



d 



2 co 
c3 co . 



§ d-2 S 3 d „ r c oi-S-S S ^•S"S 



o ca a a> ca o> d—,* 

ft^^gic'gd-e 

co "*> a c* d > 

■g "S * •- 3 "8 m 



co -^ R 

d 

co S.S 

fl w H 
-. 4J CO 



aj co. 
^3 



-d p d eri 



ftd 






*^ L* Co CO w H 



■ i-. Ih J^> o d . 

•43 a> o+i o_co- 



' o x = 

-?So3g8 

Tl CO S CO 



d d 

CO CO 
T3 >> 



flj-PaJ' 
CO JO 



•P >>: 



9 ©2 

CO >" 
TJ CO . 



T3 co ^3 
d^» 

82| 



'-a 9 

g'i £«2 



gs 

■S ° 2 

TJ CO "*^ 



XI 



It* 

CU >ct. 



X co 

d a 

o d 



coX 
SS S co 
d d 

•WHTJ 






d 



^|8 

Si w 

be o 



3 ^X 

2 03 ^ 



dcoX 

-a w 
d co a 
d-fj o 
o g 

'■Hi CO rt 

O o 



H.^=d 



-M CO C g 

' a3 ^ J +2 
:eB*i fa 2 

; d dgjg 

' " »s g 

d -^SS S 

£ ?^X 

03 TT< '> 
Cfl mCO ? 
CO 

a) +3 coX? 
■S ox ft 
S d o. 
8 fa S d 

hi o CO 

x Q ? 




d dxx o i 

hi 13 d d d o i 



"3 

O 
ft 

o 

t-i 

CU 

09 

"c 

CB 

s 

h 

"3 
j= 
u 


Retain present law. 
Retain present law. 


i 

3 
0) 
to 
0) 

u 
ft 

g 

■ffl 

« 


a 

Ol 
03 

o> 
h 

ft 
g 
"3 
"8 
W 


5 . 

o> 

09 

3 
O 

a 


The previously introduced Treasury pro- 
posal would be adopted with the following 
modifications: 

Same as Treasury proposal, except a pro- 
vision would be added under which direct 
skips to grandchildren would not be treat- 
ed as generation-skipping transfers if the 
grandchild's parent who was a lineal desce- 
dant of the transferor was deceased when 
the transfer occurred. 

Same as present law. 


Same as the Treasury proposal except 
generation-skipping transfers by married 
individuals would be treated as made one- 
half by each spouse pursuant to rules simi- 
lar to the present gift tax rules on such 
gifts to third persons; the additional 
$10,000 exemption for distributions to cer- 
tain generation-skipping beneficiaries 
would be deleted; and a special $2 million 
per grandchild exemption would be provid- 
ed for direct skips. 


All generation-skipping transfers would 
be subject to tax at a flat rate, equal to the 
maximum gift and estate tax rate (present- 
ly, 55%; scheduled to decline to 50% in 
1988). GST tax would be determined as 
provided in the Treasury proposal. 


73 

03 

O 
ft 

o 

U 

a. 
y 
s 

01 

!2 

01 

s. 

CU 


A separate Treasury Department propos- 
al, introduced in the 98th Congress, would 
modify the GST tax as follows: 

The modified GST tax would be imposed 
on taxable terminations and taxable distri- 
butions (including distributions of income) 
under generation-sharing arrangements, as 
under present law. Taxable beneficiaries 
would include only persons having inter- 
ests in (as opposed to powers over) proper- 
ty. Direct skips would be subject to tax. 

In the case of trusts having beneficiaries 
assigned to three or more younger genera- 
tions, GST tax would be imposed only on 
the termination of the oldest such genera- 
tion. 


A specific exemption of $1 million per 
transferor would be provided in lieu of the 
present credit and grandchild exclusion. 
The specific exemption would be transfera- 
ble between spouses. Rules would be pro- 
vided for allocation of unused exemption 
amounts remaining after the death of a 
transferor. 

Under special rule, certain trust benefi- 
ciaries could receive up to $10,000 per year 
in generation-skipping transfers free of 
GST tax. 


All generation-skipping transfers would 
be subject to tax at a flat rate, equal to 80 
percent of the maximum gift and estate 
tax rate. GST tax on transfers under gen- 
eration-sharing arrangements would be de- 
termined on a tax-inclusive basis; tax 
would be determined on a tax-exclusive 
basis on direct skips. 


CB 

s 

o> 

Ol 


A generation-skipping transfer tax (GST 
tax) is imposed on transfers under a trust 
or similar arrangement having benefici- 
aries in more than one generation below 
that of the grantor of the trust. Subject to 
certain transition rules, the GST tax ap- 
plies to transfers occurring after June 11, 
1976. 

The GST tax is imposed on taxable ter- 
minations under and taxable distributions 
(other than income) from a trust or a simi- 
lar arrangement in which beneficiaries in 
more than one generation younger than 
that of the grantor have an interest (or 
certain powers over the property) (i.e., gen- 
eration-sharing arrangements). Direct 
transfers to persons more than one genera- 
tion below that of the grantor are not sub- 
ject to GST tax (i.e., direct skips). 

In the case of trusts having beneficiaries 
assigned to three or more younger genera- 
tions GST tax is imposed on the termina- 
tion of the interests (or powers) of each of 
the intermediate younger generations 
(when the trust property is not subject to 
gift or estate tax). 


There is no specific exemption or credit 
that a grantor may apply against GST tax; 
however, if a generation-skipping transfer 
occurs at or after the deemed transferor's 
death, any unused portion of the deemed 
transferor's gift and estate tax unified 
credit may be applied against GST tax. Ad- 
ditionally, a special $250,000 per deemed 
transferor exemption is permitted for 
transfers to grandchildren. 


The GST tax is imposed at the gift or 
estate tax rate that would be imposed if 
the property were transferred to the bene- 
ficiary by a deemed transferor (generally, 
the parent of the beneficiary.) GST tax on 
taxable terminations is determined on a 
tax-inclusive basis (like the estate tax) and 
taxable distributions are taxed on a tax-ex- 
clusive basis (like the gift tax). 


£ 


C. Generation-Skipping Transfer 
Tax 

1. Taxable transfers 


X 
CB 

S 

o 

a 

c 
o 

ft 
E 

Ol 

X 
W 


0> 

"3 

X 
CB 
H 

ei 



"3 

GO 

o 

ft 
O 

u 
Ph 

CO 

"a 
ca 

£ 

'3 

j= 


I 

■4J 

3 

0) 
CO 
0> 

u 
ft 

3 

'3 

CU 

OS 


is 

3 
cu 

CO 

cu 
u 

ft 

3 
'3 

"8 


£ ■ 
cu 

00 

3 
O 

H 


"3 

GO 
O 
ft 
O 
S- 
ft 

>» 

in 

3 

CO 

8 

0) 
U 

H 

GO 

c3 
<D 

s 

CO 
CQ 


The amended GST tax would apply to 
transfers after the date of enactment, sub- 
ject to the following exceptions: 

(1) Inter vivos transfers occurring 
after September 25, 1985, would be 
subject to the amended tax; 

(2) Transfers from trusts that were 
irrevocable before September 26, 1985, 
would be exempt to the extent that the 
transfers were not attributable to addi- 
tions to the trust corpus occurring 
after that date; and 

(3) Transfers pursuant to wills in ex- 
istence before September 26, 1985, 
would not be subject to tax if the dece- 
dent was incompetent on that date and 
at all times thereafter until death. 

The present GST tax would be repealed, 
retroactive to June 11, 1976. 


GO 

O 
O. 
O 

1* 
IX 
X 

C 
cu 

'go 
cu 

U 
CU 


A credit against GST tax would be per- 
mitted equal to 5 percent of State taxes on 
generation-skipping transfers. 




is 

cS 

J 

c 
cu 

GO 

cu 
u 


A limited credit against GST tax is per- 
mitted for State death taxes imposed on 
generation-skipping transfers (based on the 
deemed transferor concept). 




£ 

cu 

1— c 


GO 

CU 
X 

os 

cu 

"3 

b 

<s 

-3 

CU 

u 
U 


CO 

cu 

3 

tJ 

CU 

> 

U 

H 



"3 

CO 

O 

a 
o 
u 
PLh 
yi 
S 

£ 

'3 
js 
u 


CO 

a> 

>H 

■ft 

X 


'O 

a> 
u 

CJ 

aj 

■5 

ja 
s 

0) 
CO 
CD 

•~ 

ft 

a i 

a>c3i 

st 

trig 

ca 


The election to deduct qualifying expend- 
itures would be extended permanently, ef- 
fective for taxable years beginning after 
December 31, 1985. 


13 

CD 
CO 

3 

o 

CO 

cB 
CD 

s 

ca 
co 


The targeted jobs credit would be ex- 
tended for two additional years, with modi- 
fications. The credit for second-year wages 
would be eliminated, as would the credit for 
wages paid to an individual who works for 
the employer for fewer than 14 days. Also, 
the authorization for appropriations for ad- 
ministrative and publicity expenses would 
be extended through fiscal year 1987. 

Effective date. — Taxable years beginning 
after 1985. 


cu 

CA 

3 
O 
X 


The tax credit for clinical testing of 
orphan drugs is extended for one addition- 
al year (i.e., through December 31, 1988). 


The election to deduct qualifying expend- 
itures is extended for two years, to taxable 
years beginning before January 1, 1988. 


The bill reinstates and makes permanent 
the expired provisions relating to Vietnam 
MIAs, effective for taxable years begin- 
ning after 1982. 


The targeted jobs credit is extended for 
two additional years with several modifica- 
tions: the credit for second-year wages is 
eliminated, the first-year credit reduced to 
40 percent of the first $6,000 of qualified 
first-year wages (except in the case of disad- 
vantaged youth employees), the credit for 
wages paid to an individual who works for 
the employer for fewer than 14 days is 
eliminated, and the authorization for appro- 
priations for administrative and publicity 
expenses is extended through fiscal year 
1987. 

Effective date.— Taxable years beginning 
after 1985. 


73 

CO 

O 

a 

o 
u 

a. 

C 
V 

•p 

'co 
cu 
u 

Cu 


CO 

CD 

S-H 

•ft 

X 
CD 

-3 

CD 
U 
CJ 

CD 

3 
CD 

CD 
Sh 
ft 

CO j-f 

ca t~ 

CD C3i 
S t 
CO .2 

la 


3 

_o 

'co 

"> 

o 

Sh 

ft 
o 


3 
_o 
[co 

"> 
O 
u 
ft 
o 


3 
_o 
'55 

"> 

o 
u 
ft 
o 


CS 

J 

s 
cu 

CO 

cu 


A 50-percent tax credit is allowed for a 
taxpayer's expenses of clinical testing of 
certain drugs for rare diseases or condi- 
tions. The credit is scheduled to expire 
after 1987. 


Taxpayers may elect to deduct up to 
$35,000 of qualifying expenses for the re- 
moval of architectural and transportation 
barriers to the handicapped and elderly in 
the year paid or incurred, instead of cap- 
italizing them. The election is not available 
in taxable years beginning after December 
31, 1985. 


Certain tax relief provisions applicable 
with respect to Vietnam MIAs and their 
spouses expired after 1982 (sees. 2(a)(3)(B), 
692(b), 6013(f)(1), and 7508(b)). 


A tax credit is available on an elective 
basis to employers of individuals from nine 
targeted groups, i.e., individuals who are 
recipients of payments under means-tested 
transfer programs, economically disadvan- 
taged (as measured by family income), or 
disabled. The credit generally equals 50 per- 
cent of the first $6,000 of qualified first year 
wages and 25 percent of the first $6,000 of 
qualified second year wages. A credit equal 
to 85 percent of up to $3,000 of wages of any 
disadvantaged summer youth employee also 
is allowed. The employer's deduction for 
wages must be reduced by the amount of the 
credit. 

Under present law, the credit will not 
apply with respect to targeted-group indi- 
viduals who begin work for the employer 
after December 31, 1985. 


£ 

cu 


A. Expiring Provisions 

1. Tax credit for orphan drug 
clinical testing 


2. Expensing for costs of remov- 
ing architectural barriers to 
the handicapped and elderly 


E 

ca 

"S 

> 

o 

CO 

cu 

CO 

s 

O 
ft 

CO 

u 

a 

CO 


4. Targeted jobs tax credit 



*° -2,£? 
.3 *" 

g<2§ 

o 

T3 



CO 



Tie 

§ ■ o 

■" c^ 

8 8-gl 

.3 m 'ft 



»- S .2 
-2 § -S3 
a £^ o 

3 ft- ft 

ftC § >. 



I - <g -w 
-§^|.3 

.. G to 
tt)<M O G . 
=>M ugfi 

o Sh M Gt3 

|U.s- s: § 



•H t, ffi W 

°^ 

T3 — - 13 g 
3 CU g 
mil 2 



§• 



® OT3 






a| 
8.1 

X c 
0) o 

.£.° 

3^c 

So « 

Sh,G J§ 

3-^13 
£"2 'ft 

a a 

■3 ft ?> 



a s °c9 



a s 



S .2 



0^3 



H « 

.2 4) 
B..3 

Is 
5 W 



CO 

O 

n, 

o 

M 
PL, 

CO 

"a 
ca 
E 

u 

"3 

X 


CD 
CO 

3 
o 

K 

to 

ca 

CD 

6 
ca 

03 


3 
co 

to 

3 
o 

a 

to 

ca 

CD 

6 
ca 

CO 


The exemption for title-holding compa- 
nies would apply where the corporation (a) 
has no more than 35 shareholders, (b) has 
only one class of stock or beneficial inter- 
est, and (c) is operated for the exclusive 
purpose of holding title to property and 
distributing income to eligible sharehold- 
ers. 
The latter term would include 
(i) a qualified pension plan, 
(ii) a governmental pension plan, 
(iii) any State or political subdivi- 
sion, or 

(iv) any tax-exempt charitable orga- 
nization (sec. 501(c)(3)). 

Effective date.— Taxable years beginning 
after 1986. 


S . 

0) 

05 

3 
O 

a 


The bill provides an exemption from the 
UBIT, in the case of certain tax-exempt or- 
ganizations eligible to receive charitable 
contributions, for income from exchanges 
or rentals of mailing lists with or to other 
such organizations. 

Effective date. — On enactment. 


The bill provides an exemption from the 
UBIT, in the case of certain tax-exempt or- 
ganizations eligible to receive charitable 
contributions, for income from certain dis- 
tributions of low-cost articles incidental to 
soliciting charitable contributions. 

Effective date. — On enactment. 


3 

_2 

"to 

> 
o 

M 
ft 

o 
55 


"3 

CO 

O 

a 
o 
u 
Cu 
jti 

c 

CD 

"5 
o> 
i- 


c 
_2 

"to 

■> 

O 
M 
ft 

o 

55 


3 
_o 
'to 

'> 
o 
m 
ft 
o 

55 


c 
_o 

'co 

> 
o 
Ii 
ft 
o 
55 


ca 
J 

c 

V 

CO 


Charitable and other tax-exempt organi- 
zations are subject to tax on income from 
an unrelated trade or business (the UBIT), 
i.e., where the conduct of the business is 
not substantially related to the exempt 
functions of the organization. 

The U.S. Court of Claims has held that 
income received by the Disabled American 
Veterans from other exempt organizations 
and commercial businesses for the use of 
its mailing lists is subject to the UBIT. 


Charitable and other tax-exempt organi- 
zations are subject to tax on income from 
an unrelated trade or business (the UBIT), 
i.e., where the conduct of the business is 
not substantially related to the exempt 
functions of the organization. 

Under Treasury regulations, the UBIT 
does not apply where an organization 
"sends out low cost items incidental to the 
solicitation of charitable contributions." 


A corporation organized to hold title to 
property, and to distribute the income 
therefrom to one or more tax-exempt orga- 
nizations, may itself be tax exempt. The 
IRS has taken the position that such a 
title-holding company is not tax exempt if 
it also distributes income to unrelated or- 
ganizations. 


E 

01 


C. Exempt Organizations 

1. Exchanges and rentals of 
membership lists of certain 
tax-exempt organizations 


ca 

CO 

O 

u 

o 

cm CO 

s.8 

Ii 
1* 

co co 

1—1 CJ 


c 
'3 

18 

0) 

w . 

o e 
«h ca 

a 

.2 o 

-M u 
B-be 

E e 

*2 
* o 

08 Jj 

CO 



co 

O 

a. 

o 

s- 

Ch 

00 

*C 
53 

s 

'8 


13 

a) 
to 

3 
o 

a 
3 

a 

a 


B 

0) 

to 

§ 

ffi 

CO 

1 


£ 

V 

to 

3 
O 

H 


Cooperative housing corporations that 
charge tenant-stockholders with a portion 
of the cooperative's interest and taxes in a 
manner that reasonably reflects the cost to 
the cooperative of the interest and taxes 
allocable to each tenant-stockholder's 
dwelling unit, may elect to have such 
tenant-stockholders deduct the separately 
allocated amounts. 

Effective date. — Taxable years beginning 
after December 31, 1985. 


The present-law exclusion is modified to 
eliminate the requirement of detailed rec- 
ordkeeping. 

Effective date.— Taxable years beginning 
after 1985. 


"8 

09 

o 
a 
o 

U 
PL| 

J" 

c 

rs 

a> 

S- 

a. 


d 
_o 

'to 

'> 
o 
u 

ft 
O 
2 


1 

to 

1 

ft 
o 


c 


A tenant-stockholder in a cooperative 
housing corporation is entitled to deduct 
his or her "proportionate share" of the 
housing cooperative's expenses for interest 
and taxes. 

The tenant-stockholder's proportionate 
share is the portion of the cooperative's in- 
terest and taxes that bears the same ratio 
to the cooperative's total expenses for in- 
terest and taxes that the portion of the co- 
operative's stock held by the tenant-stock- 
holder bears to the total outstanding stock 
of the cooperative. 


A foster parent may exclude from gross 
income certain reimbursements for ex- 
penses of caring for a foster child placed in 
the home by a government agency or a 
State-licensed, tax-exempt child placement 
agency. To obtain the exclusion, the foster 
parents must account for all expenses in- 
curred for each foster child in their care. 


E 


ed 
u 

0) 

ft 

o 
o 
u 

W> 05 

C o> 
'"> £• 

■g 9 

S to 

.2 22 
*& 

U s 

©i-i 

— 01 


CO 

e 

41 

E 

Cu 

V 

8 
u 

s_ 

0) 

CO 

O 
fa 

W 



o